Petrol and diesel prices remain unchanged for the 18th straight day on November 22, 2021 (Monday). 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 22, 2021:
|Metro city||Petrol rate in Rs/litre||Diesel rate in Rs./litre|
Several BJP led states have also cut down on VAT on diesel and petrol. Among the opposition party-led states, Rajasthan has reduced fuel prices.
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.
The cut in excise duty on fuel will also come as a relief to farmers ahead of the rabi crop season. Also, it will give a boost to consumption and keep inflation relatively low.