Fuel prices have remained unchanged since May 21 when the Centre had slashed excise duties on petrol by Rs 8 per litre and on diesel by Rs 6 per litre
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Petrol and diesel prices held steady across metro cities on October 24 – Diwali, as per the latest price notification issued by fuel retailers.
Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively.
Prices have remained unchanged since May 21 when the Centre had slashed excise duties on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
Moody’s Investors Service have said that India’s state-owned oil marketing companies (OMCs) have lost an estimated $ 6.5-7 billion on petrol and diesel sales due to a virtual freeze in retail prices between November 2021 and August 2022.
It further warned that their earnings may remain weak this year as they are yet to be compensated for the losses.
Meanwhile on Saturday, TRS working president and minister KT Rama Rao demanded that the Centre cut excuse and cess to bring the price of petrol and diesel to Rs 70 and Rs 60 per litre.
He said the TRS government had recognised the need to keep fuels affordable and had therefore not increased the value added tax on fuel.
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