Petrol cheaper by over Rs 2/litre, diesel by Re 1 since daily revision

TIL Desk/Business/New Delhi/ While petroleum is yet to come under the GST, since the dynamic pricing regime came into effect pan-India from last month, petrol prices have fallen by over Rs 2 a litre till date and of diesel by more than Re 1.

Petrol prices per litre have decreased by Rs 2.35, and of diesel by Rs 1.02, ever since the daily revision in rates was implemented throughout the country from June 16. On that day, petrol cost Rs 65.48 a litre in Delhi, while diesel sold for Rs 54.49 per litre.

Prices vary at locations according to state taxes. The Goods and Services Tax (GST), which rolled out pan-India, except in Jammu and Kashmir, from July 1 is a unified national tax subsuming the earlier myriad central and state levies and the petroleum industry has been demanding inclusion in the new regime so as not to lose the benefit of input tax refund available under the GST.

Following the success of a pilot project in five cities, India switched to the daily pricing mode for transport fuels in line with global rates.