Fuel prices across major cities remained unchanged for eighth consecutive day on Tuesday amid lockdown across several in the country. In the global market, crude oil rates have fallen to about $25 a barrel. Petrol on Monday will now cost Rs 69.59 per litre and diesel at Rs 62.29 per litre in Delhi. The fuel prices across the country seem to be stable since past one week due to the coronavirus outbreak and the slowdown of oil prices globally. In Mumbai, petrol is being sold at Rs 75.30 per litre and diesel at Rs 65.21 per litre. In Chennai, a litre of petrol to cost Rs 72.28 per litre, and diesel is priced at Rs 65.71 per litre.
On Monday, the government decided to raise excise duty on petrol and diesel significantly, by up to Rs 8 per litre, to mobilise additional resources that would be required to fight the Covid-19 pandemic.
As per the amendments introduced in the Finance Bill 2020, the Finance Ministry has proposed to raise special additional excise duty on petrol to Rs 18 per litre from present Rs 10 per litre and on diesel to Rs 12 per litre from the present Rs 4 per litre. The said changes have been made by amending the eighth schedule of the Finance Act 2002.
Meanwhile, crude oil prices rose around 4 per cent on Tuesday on hopes that the United States will soon reach a deal on a $2 trillion coronavirus aid package that could blunt the economic impact of the outbreak and in turn support oil demand.