The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel were retailed at Rs 101.62 and 91.71, respectively. (Representative image)
The petrol and diesel prices remained unchanged for the twelfth consecutive day on September 17, according to a price notification by state-run oil companies.
Petrol price in Delhi was last cut to Rs 101.19 a litre and diesel to Rs 88.62 per litre. The prices remained the same on September 16 in the national capital.
In Mumbai, fuel prices witnessed a similar trend. The petrol price remained unchanged and retailed at Rs 107.26 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.
Diesel price also remained the same and sold at Rs 96.19 per litre in Maharashtra’s capital.
The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel were retailed at Rs 101.62 and 91.71, respectively.
Chennai also retailed a litre of petrol at the same price - Rs 98.96. Diesel price also remained unchanged at Rs 93.26 per litre in Tamil Nadu’s capital.
The price cut follows international oil prices tumbling to their lowest level since May after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
India is near 85 percent dependent on imports to meet its oil needs and so benchmarks local fuel rates to international oil prices.
Petrol and diesel price was last hiked on July 17. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17.
Diesel rates had gone up by Rs 9.14 during this period. The price hike during this period pushed petrol prices above Rs 100-a-litre-mark in more than half of the country while diesel crossed that level in at least three states.
Meanwhile, the GST Council might on September 17 consider taxing petrol, diesel and other petroleum products under the single national Goods and Services Tax (GST) regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products.
However, Kerala has said it will vehemently oppose any move to bring petrol and diesel under the GST regime as that will further reduce revenue generation for the state and asserted that the Centre should reduce its levies on the two commodities to provide relief to the common people.
Central excise and state VAT (Value Added Tax) make up for almost half of the retail selling price of petrol and diesel. Bringing them under the GST would impact revenue generation for the states.(With inputs from PTI)