Petrol and diesel prices across the country continued to remain the same for the 16th straight day on November 20, 2021 (Wednesday). On November 4, after the centre slashed excise duty on fuel, 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.
Further giving in to the demands of the Union government to cut VAT also proportionately, until now as many as 26 states and UTs have reduced VAT to extend relief to consumers suffering due to record high rates of petrol and diesel.
Most recently, VAT cut has been announced by the state of Rajasthan for bringing down the cost of petrol and diesel by Rs. 4 per litre and Rs. 5 per litre, respectively.
Here are the fuel rates as on November 20, 2021:
|Metro city||Petrol rate in Rs/litre||Diesel rate in Rs./litre|
Even after the reduction in prices, petrol rate in some of the cities and all the 4 metros is retailing above Rs. 100 per litre. The rates vary across states due to value added tax or VAT.
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.