On Friday, February 18, 2022, fuel prices remained unchanged for 105 consecutive days in all major cities. This is the longest time prices have remained flat since the daily price review began in June 2017.
This follows an 82-day hiatus from rate revisions between March 17, 2020 and June 6, 2020, when a nationwide lockdown was imposed to stop the spread of Covid-19.
The central government has cut consumption tax on November 4, 2021, to ease prices that have reached record highs. The government has imposed a tax of Rs 5 per litre on petrol and Rs 10 per litre on diesel, resulting in a sharp drop in fuel prices.
Later in December 2021, the Delhi government will reduce the VAT on petrol from 30% to 19.40%. This lowered petrol prices in the state capital by Rs 8.56 a litre.
In Delhi, petrol costs £95.41 a litre, while diesel costs £86.67 a litre. In Mumbai, petrol is priced at Rs 109.98 per litre while diesel is priced at Rs 94.14 per litre. Fuel prices in Mumbai remain the highest among major cities. Fuel prices vary by state due to sales tax or sales tax.
State-owned refiners such as Indian Oil, Bharat Oil and Hindustan Oil adjust their fuel prices on a daily basis based on crude oil prices in international markets and the exchange rate of the rupee against the dollar. Any gasoline and diesel price changes are implemented from 06:00 every morning.
India relies on imports for 85% of its oil needs, and domestic gasoline and diesel prices are linked to international prices. But over the past three months, petrol and diesel prices have remained unchanged ahead of elections in key states such as Uttar Pradesh and Punjab, despite soaring international oil prices.
Complete News Source : NDTV
