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Fuel Rates Static On November 6, 2021 After A Breather Post Excise Duty Cut
Post the sudden and unexpected relief on excise duty cut, petrol and diesel prices across the country on November 6, 2021 are constant for the second day in a row today.
The centre has announced excise duty reduction on auto fuels petrol and diesel by R 5 and Rs. 10 respectively. Post which several BJP led states have also reduced the VAT implication but even after this fuel rate still rules above Rs. 100 mark in most Indian cities.
Here are the latest fuel rates as on November 6, 2021:
| Metro city | Petrol rate in Rs/litre | Diesel rate in Rs./litre |
|---|---|---|
| Delhi | 103.97 | 86.67 |
| Mumbai | 109.98 | 94.14 |
| Kolkata | 104.67 | 101.56 |
| Chennai | 101.4 | 91.43 |
The move to cut excise duty on fuel prices is likely to cost the government Rs. 1.4 lakh crore annually.
State-run oil marketing companies including BPCL, HPCL and IOC began revising fuel rates on a daily basis on September 24 after international crude rates hit close to a 3-year high. Notably, now the crude prices internationally have hit 7-year high.
International crude rates
On robust jobs data in the US, oil prices have again climbed and last was seen trading higher by close to 3 percent. Brent crude traded at $82, while the WTI was also hovering close to $81 per barrel. Notably, OPEC + producers also rejected the US call on increasing crude output.
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