Fuel prices remain unchanged for the ninth consecutive day following the announcement of an excise duty cut by the central government and cut in value-added tax (VAT) by some state governments.
On Tuesday (May 31), the price of petrol in Delhi stood at Rs 96.72 per litre while that of diesel was at Rs 89.62. In Mumbai, petrol is being retailed at Rs 111.35, and diesel at Rs 97.28, per litre. In Chennai, petrol is available at Rs 102.63, while diesel is being retailed at Rs 94.24. In Kolkata, petrol is available at Rs 106.03 and diesel at Rs 92.76 per litre.
Rates differ from state to state depending on incidence of local taxes such as VAT.
Any changes in petrol and diesel prices are implemented with effect from 6 AM every day.
Petrol, diesel prices have come down post-announcement by the government of a excise duty cut and a few states cutting down on Vaue-Added Tax (VAT).
On May 21, the government announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively. The move marked a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 a litre. Subsequently, the state governments of Maharashtra, Rajasthan and Kerala too decreased VAT on petrol and diesel following Sitharaman’s call to provide further relief to consumers following a cut in excise duty by the Centre.