Petrol & Diesel: Modi government ready to take big decision, petrol-diesel rates will be reduced? | Petrol Diesel rates may fall down Modi govt planning to cut Taxes on Fuel

Petrol & Diesel: Modi government ready to take big decision, petrol-diesel rates will be reduced? | Petrol Diesel rates may fall down Modi govt planning to cut Taxes on Fuel

Petrol And Diesel | The central government can reduce taxes on petrol and diesel by Rs 4.5 each. Therefore, there will be no significant decline in government revenue.

Petrol & Diesel: Modi government ready to take big decision, petrol-diesel rates will be reduced?

Petrol-diesel rates

Mumbai: A major decision may soon be taken by the Modi government, which has been consistently targeted by the opposition and ordinary citizens due to the fuel price hike for the past few days. Taxes on petrol and diesel can be reduced to curb rising prices. According to ICRA, the central government may reduce taxes on petrol and diesel by Rs 4.5 each. Therefore, there will be no significant decline in government revenue. Rising demand for petrol and diesel will offset the government’s shortfall in the future. Therefore, the Modi government may soon announce a decision to reduce fuel taxes. (Petrol and Diesel rates and Tax)

The central government has hiked the cess and surcharge on petrol by Rs 13 from March 2020 to May 2020 and the sale and surcharge on diesel by Rs 16. Demand for petrol-diesel is expected to grow by 14 per cent in the current financial year. However, if fuel prices are not reduced, demand will fall to 13 per cent. So far in 2021, the demand for petrol has declined by 10.6 per cent. On the other hand, the central government’s revenue from fuel taxes has increased by 55 per cent to Rs 3.5 lakh crore.

Hundreds of petrol in metro cities

The rise in international crude oil prices has further pushed up petrol and diesel prices in the country. According to Indian Oil, petrol prices in the country’s metro cities rose by 31 to 35 paise and diesel by 34-37 paise on Saturday. As a result, petrol has reached hundreds in Patna, the capital of Bihar. In Chennai too, petrol has reached 100. Petrol and diesel prices were stable on Friday.

Petrol and diesel prices were hiked from May 4 after five state elections, including West Bengal. So far, fuel prices have risen 30 times. In the whole process, petrol has gone up by Rs 7.71 and diesel by Rs 7.92.

Prices change daily at 6 p.m.

Petrol and diesel prices change every morning at 6 p.m. The new rates are effective from 6 p.m. After adding excise duty, dealer commission and other things to the price of petrol and diesel, its price almost doubles. Gasoline and diesel prices fluctuate on a daily basis depending on the price of crude in the international market, including foreign exchange rates.

Check the price of petrol and diesel in this way

You can find out the price of petrol and diesel through SMS. Petrol and diesel rates are updated daily at 6 am. According to Indian Oil’s website, you have to type your city code with RSP and send an SMS to 9224992249. Each city code is different. You can watch it from the IOCL website. At the same time, you can know the price of petrol and diesel in your city by sending a message to BPCL customer RSP 9223112222 and HPCL customer 9222201122. (petrol diesel price hike today by 35 paisa here is the new rates of all city mumbai delhi)

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Petrol is expected to touch Rs 125 by the end of the year, experts say.

Petrol & Diesel: Fuel prices skyrocket in the state; Big increase in petrol-diesel prices during the week

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