Petrol stays at Rs 103.97, diesel Rs 86.67 in Delhi; check November 17 fuel prices

The Rajasthan government on November 17 announced to slash value-added tax (VAT) to make the petrol and diesel cheaper by Rs 4 per litre and Rs 5 per litre, respectively, from midnight.

“In the cabinet meeting today, it was unanimously decided to reduce the rate of VAT on petrol/diesel. After this, the rates will be reduced by Rs 4 per litre in petrol and Rs 5 per litre in diesel from 12 o’clock tonight, Chief Minister Ashok Gehlot tweeted.

Also Read| Gold, silver and other metal prices on November 17, 2021

Petrol and diesel prices remained unchanged for the thirteenth straight day in the rest of the country on November 17, Wednesday. The fuel rates have remained the same ever since the central government slashed excise duty on petrol and diesel. 

Also Read| Stock market midday report: Sensex declines 150 points, Nifty around 17,900

Petrol and diesel prices fell dramatically in numerous states earlier this month, as additional states announced Value-Added Tax (VAT) cuts in response to the Centre’s decision to reduce fuel excise tax.

Also Read| Sensex declines over 200 points while Nifty slips below 17,950 in early trade

The Centre’s cut in excise tax, followed by reductions in VAT in various states, has resulted in a dramatic decline in petrol and diesel rates after they had hit an all-time high. While some analysts believe that petrol and diesel prices will continue to climb as global crude oil prices rise, the recent price drop is likely to give much-needed respite to residents and businesses.

Also Read| Trending Stocks: Biocon, Parag Milk Foods, NIIT and others in the news today

It should be mentioned that the national government declared an excise duty drop of Rs 5 per litre for petrol and Rs 10 per litre for diesel on the eve of Diwali. Following the Centre’s decision, various states, including Odisha, Arunachal Pradesh, Madhya Pradesh, Nagaland, Himachal Pradesh, Karnataka, Mizoram, Haryana, Uttar Pradesh, Gujarat, and Bihar, have reduced VAT on fuel prices. VAT has also been reduced in three Union Territories: Puducherry, Jammu & Kashmir, and Chandigarh.

Also Read| Bitcoin, Ethereum and other cryptocurrency prices on November 17

Petrol currently costs Rs 103.97 per litre in Delhi and Rs 109.98 per litre in Mumbai as a result of the price decrease. In Kolkata, it is now Rs 104.67 a litre, and in Chennai, it is Rs 101.51 per litre.

Also Read| NSE F&O Ban: Sun Tv, IRCTC, PNB, BHEL and others under ban today

Petrol prices have dropped considerably in various places, including Bengaluru (Rs 100.58/litre), Gurugram (Rs 95.90/litre), Noida (Rs 95.36/litre), and Lucknow (Rs 95.28/litre), following the lowering of VAT. However, petrol prices in most cities remain high, at or over Rs 100 per litre.

Also Read| Bitcoin Fear and Greed Index on November 17, 2021

Diesel prices have also dropped significantly as a result of the Centre’s and states’ tax reduction. It is now 86.67 rupees a litre in Delhi, 89.79 rupees in Kolkata, 94.14 rupees in Mumbai, and 91.53 rupees in Chennai.