For the third straight day in a row, petrol and diesel prices across India were slashed.
For the third straight day in a row, petrol and diesel prices across India were slashed.
According to a NDTV Profit report, fuel prices in metro cities were dropped between 9 and 13 paise a litre. In Delhi, the prices were slashed by 9 paise, in Kolkata by 9 paise, in Mumbai, the prices were cut by 13 paise, and in Chennai, the prices came down by 9 paise. After the latest price cuts, petrol prices in Delhi stand at Rs. 75.93, Rs. 78.61 in Kolkata, Rs. 83.61 in Mumbai and Rs. 78.80 in Chennai.
Similarly, diesel prices were cut in the range of 7 to 12 paise in metro cities. The prices were cut by 7 paise in Delhi and Kolkata. In Mumbai, diesel prices were cut by 12 paise, and by 8 paise in Chennai.
Following the price cuts, diesel prices now stand at Rs. 67.61 in Delhi, at Rs. 70.16 in Kolkata, at Rs. 71.87 in Mumbai and at Rs. 71.36 in Chennai. On Friday, petrol prices were cut up to 18 paise.
Since May 30, the petrol prices have been cut by Rs. 2.5 per litre in Delhi. In the past one week, diesel prices came down by 24 paise in Delhi, while they came down by 67 paise in the past two weeks.
Recently a top government official said a peak tax rate of 28% plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime.
The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states. But before the two fuels are put under GST, the Centre has to decide if it is willing to let go of the about Rs 20,000 crore of input tax credit it currently pockets by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the Goods and Services Tax (GST) regime that came into force from July 1, 2017, the official said.
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 "Fuel prices")
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