Petrol and diesel prices continue to be constant for 20th consecutive day on November 24, 2021 (Wednesday). The last time fuel prices were revised was on November 4 after the centre slashed excise duty on fuel. Consequently, petrol rate in the country was reduced by between Rs. 7-8 per litre, while for diesel rates came down by Rs. 11-13 per litre. Notably, the excise duty on petrol was slashed by Rs. 5 per litre, while that on diesel the cut was by Rs. 10 per litre. This has been the biggest ever cut in excise duty.
Here are the fuel rates as on November 24, 2021:
|Metro city||Petrol rate in Rs/litre||Diesel rate in Rs./litre|
On the centre's push as many as 27 states and UTs even have announced VAT cut, bringing down the cost of fuel that scaled to record high levels hurting consumers immensely.
Since mid June 2017, fuel rates in the country are revised on a daily basis at 6 am and thus have been following dynamic pricing model. The international rates as well as foreign exchange rate influence fuel rates in the domestic market.
Meanwhile in a statement released by the centre on November 23, India has given its consent to release crude oil from its emergency stockpile similar to other major nations including the US, the Republic of Korea, Japan etc. for cooling off fuel prices.