Fuel prices across the countries were reduced again after a three-day pause between June 16 to 18. Crude oil price fell in the Asian markets on Tuesday morning over expectations of OPEC (Organization of Petroleum Exporting Countries) and one of the biggest supplier Russia increasing their produce gradually after this week's meet. The OPEC had collectively decided to withhold supplies since 2017 to control the steep fall in prices.
Petrol prices across the country were down by 8 paise per litre to Rs 76.27 in Delhi, Rs 78.94 in Kolkata, Rs 84.06 in Mumbai and Rs 79.16 in Chennai.
Diesel prices were parked at Rs 67.78 in Delhi, Rs 70.33 in Kolkata, Rs 72.13 in Mumbai and Rs 71.54 in Chennai.
No relief on taxes
In a Facebook post titled 'The Economy and the Markets Reward Structural Reforms and Fiscal Prudence' by FM Jaitley ruled out any cut in excise duty to currently impose on fuel prices. He wrote, "My earnest appeal, therefore, to political leaders and opinion makers ...Would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly, the high dependence on oil products for taxation eventually comes down. In the medium and long run, upsetting the fiscal maths can prove counter-productive."
He further said, "Reliefs to consumers can only be given by a fiscally responsible and a financially sound central government, and the states which are earning extra due to abnormal increase in oil prices."
Meanwhile, international oil benchmark Brent was down by 29 cents (0.4 percent) to $78.05 a barrel from the last close after hitting a two-month low yesterday. OPEC is expected to revise its plans after an unexpected fall in supply from its member nation Venezuela in last few months.
Apart from the awaiting decisions resulting from OPEC meet on 22 June in Vienna, markets have reacted to the escalating trade war between the US and China. The two big economies of the world have threatened imposition on each other's exports. If it does take place, China has said that it will put 25 percent duty on crude oil imports from the US.