Fuel Rates Unchanged On December 2; Petrol Rates Fall In Delhi After VAT Cut

Petrol and diesel prices continue to be constant for a month in the whole of the country except for Delhi. This is after Delhi slashed VAT on petrol to 19.4% from the earlier 30%, bringing down the cost of petrol by Rs. 8 per litre. Though there are no changes in the pricing of diesel.

The last time fuel prices were revised in the country 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.

Thereafter the centre also nudged states and Uts to commensurately reduce VAT and following the directions as many as 27 states and UTs even have announced VAT cut, bringing down the cost of fuel that scaled to record high levels.

Here are the fuel rates as on December 2, 2021:

However there are still states that have not reduced VAT including Congress and its allied led Jharkhand, Maharashtra and TN. West Bengal, Kerala, AP and Telangana have also not slashed 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.

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