by NEWSNER , 2021-02-25 17:57:18
Fuel prices in India were unchanged for the second straight day on Thursday by state-owned oil marketing companies. Petrol prices per litre remained at Rs 90.93 in New Delhi, Rs 91.12 in Kolkata, Rs 97.34 in Mumbai and Rs 92.97 in Chennai. Diesel prices per litre were unchanged at Rs 81.32 in New Delhi, Rs 84.20 in Kolkata, Rs 88.44 in Mumbai and Rs 86.37 in Chennai.
These rates are revised daily by oil marketing companies in line with changes within the international prices and therefore the rupee's rate of exchange. However, the difference in retail prices of fuel across states is thanks to local, state and central government taxes on petrol and diesel. an outsized percentage, that's up to 60%, of the retail price on petrol or diesel price paid by consumers within the country is simply a sort of central, state or local tax.
To reduce the burden on consumers, on Wednesday, Nagaland became the fifth state to chop taxes after the recent rally rates that have pushed prices to new highs. The state finance department said the rate for diesel has been reduced from Rs 11.08 to Rs 10.51 per litre or 17.50% to 16.50% per litre (whichever is higher) while the tax on petrol and other motor spirits has been reduced from Rs 18.26 to Rs 16.04 per litre or 29.80% to 25% per litre (whichever is higher). The reduction in fuel tax came into effect on 22 February. With this alteration, the retail price of petrol and diesel per litre in Nagaland decreased to Rs 90.41 and Rs 83.99.
In the last fortnight, four other states, namely West Bengal, Rajasthan, Assam, and Meghalaya, have taken the initiative of reducing the burden on consumers by lowering state-related taxes on fuel.