The Modi government at the center has kept the prices of petrol and diesel stable for 8 consecutive months, thus giving relief to the motorists. But recently, the Union Finance Minister Nirmala Sitharaman announced that the state’s views will be taken as to why the prices of petrol and diesel will be brought under GST. If petrol diesel comes under GST, there is a possibility of huge price reduction, experts say. Fuel prices remained steady on Thursday, 16 February 2023, after nearly eight months of stable prices. Petrol price in Delhi is Rs.96.72, while diesel price is Rs.89.62 per litre. Petrol price in Mumbai is Rs.106.31 and diesel price is Rs.94.27. Petrol and diesel prices vary from state to state, depending on various criteria such as value added tax (VAT), freight charges, local taxes etc. The last nationwide change in fuel prices took place during the financial period on May 21 last year. Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs.8 per liter and diesel by Rs.6 per litre.
Today petrol price in Hyderabad is Rs. 109.66 / litre, diesel price Rs. 97.82/litre. On the other hand, if observed internationally, the prices of crude oil have also decreased and the price of bread has also decreased at the rate of 5 dollars per barrel, thus the oil prices are also decreasing internationally. But in India, petrol diesel prices remain stable due to local taxes, central taxes and local taxes. The states collect tax on petrol diesel in the form of cesses and that is why the prices of petrol diesel are high.
