Petrol-Diesel Price Latest Update: Today India is celebrating its 80th Independence Day with great pomp. On this historic occasion, while on one hand Prime Minister Narendra Modi made many big announcements from the ramparts of the Red Fort, on the other hand a big news has also come out regarding petrol, diesel and jet fuel (ATF).
The central government has decided to reduce the export duty on petrol, diesel and aviation turbine fuel (ATF) from August 15. According to the government order, the levy on export of petrol has been completely reduced to zero, while relief has been given in the rates of export duty on diesel and ATF. This step is being seen as a partial withdrawal of the rates increased on August 3.
Export duty on petrol reduced to zero, know how much tax reduced on diesel and ATF
Under the new rates issued by the government, the duty on petrol export has been reduced from Rs 3.5 per liter to Rs. Zero Has been done. At the same time, the total levy on export of diesel has been reduced from Rs 25.5 to Rs 24 per liter. Apart from this, it is a matter of relief for the airlines companies that the duty on export of ATF (jet fuel) has been reduced from Rs 22 to Rs 19.5 per liter.
All these changes will be applicable only to those petroleum products which have been approved for export out of the country. The Finance Ministry has clarified that these changes made in the export levy will not have any impact on the excise duty on petrol and diesel used by common citizens within the country.
It is worth noting that the Government of India had implemented windfall tax for the first time in July 2022 amid the rising prices of crude oil in the international market. The scope of that rule included crude oil produced within the country as well as petrol, diesel and ATF sent abroad.
Export duty was increased on August 3
Earlier on August 3, the government had announced increase in export duty. At that time the tax on export of petrol was increased from Rs 2.5 to Rs 3.5 per litre. Similarly, the levy on export of diesel was increased from Rs 15.5 per liter to Rs 25.5 per liter and the duty on ATF was increased from Rs 14.5 to Rs 22 per liter. Now from August 15, relief in these rates has been given in view of the international circumstances.
On this decision, the Finance Ministry said that these rates are decided on the basis of the average prices of crude oil, petrol, diesel and ATF in the international market since the last review. This fee can be levied through SAED, RIC or a combination of both as per the rates notified for each review period.
What are the prices of petrol and diesel in your city today?
If you are wondering what will be the immediate impact of this decision on your pocket, then let us tell you that at present there is no change in the retail prices of petrol and diesel for the general public in the domestic market.
Even today in the capital New Delhi, the price of normal petrol remains stable at ₹ 102.12 per liter and the price of diesel at ₹ 95.20 per liter. At the same time, in Delhi, the price of premium quality ethanol-blended XP100 petrol has been recorded at ₹167.35 per liter and the price of XP95 petrol has been recorded at ₹109.24 per liter.