On Saturday, the government has given a big relief to the common people by cutting excise duty on petrol and diesel. But this relief of the government can also open new doors of inflation for the common people suffering from inflation. With this move of the government, the fiscal deficit is expected to fall behind the target of 6.4 percent. This simply means that it is a sign of the poor economic health of the government, which may worsen the situation going forward, due to which the government will have to borrow more.
Petrol Diesel Prices Today
Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram
- Mumbai: Petrol price: Rs 111.35 per litre, Diesel price: 97.28 per litre
- Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre
- Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre
- Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre
- Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre
- Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre
- Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre
- Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre
- Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre
|Type of article:||Petrol Diesel Prices Update|
|Location||All Over India|
|Old Prices||Petrol (104.96) Diesel (99.59)|
|Status||Decrease in price|
Amidst the fire in crude oil prices, new petrol and diesel prices have come out.
A reduction of Rs 8 per liter in excise duty on petrol and Rs 6 per liter on diesel will cost the exchequer about Rs 1 lakh crore. Rating agency Icra said in a report that the risk to the fiscal deficit will increase given the lower than budget estimate of the government’s dividend from the Reserve Bank of India (RBI) and the need to incur additional expenditure on food and fertilizer subsidies.
Fuel rates remain steady. Check latest fuel rates here
A report by Bank of America Global Research also said that the steps taken by the government in the last few days will increase the pressure on the fiscal deficit. According to this, the fiscal deficit may increase by 0.40-0.50 percent in the financial year 2022-23.