Morung Express News
Dimapur | May 23
With the excise duty cut announced by the union government taking effect, there was significant fall in petrol price across Nagaland ranging Rs 8.28 to Rs 18 per litre on May 22.
Likewise, diesel price also decreased by Rs 6.40 to Rs 7.08 a litre across the State.
The union government on Saturday announced a Rs 8 per litre cut in excise duty on petrol and Rs 6 per litre reduction on diesel.
Accordingly, in commercial capital Dimapur, the cut in excise duty effectively translated into a reduction of Rs 9.18 a litre for petrol and Rs 7.08 for diesel.
On Sunday, at the public sector Indian Oil outlets, petrol was retailing for Rs 98.28 a litre, down from Rs 107.46 the previous day, indicating a reduction of Rs 9.18 per litre.
The cost of a litre of diesel was also down by Rs 7.08 and selling at Rs 86.65 per litre in Dimapur against the previous day rate of Rs 93.73.
In State capital Kohima, a litre of petrol decreased from Rs 108.57 on May 21 to Rs 99.39 on May 22. The price of diesel also fell from Rs 94.62 to Rs 87.54 per litre during the same period, showing similar rate cut with Dimapur.
Price cut, however, was little lower in Tuensang, where fuel cost is highest in the State.
On Sunday, a litre of petrol in Tuensang was hovering at Rs 101.85, down by Rs 8.28 from previous day rate of Rs 110.13 a litre. Diesel also became cheaper by Rs 6.40 and retailing at Rs 89.80 a litre on Sunday, down from Rs 96.20 on Saturday.
It must be noted here that fuel rates vary from state to state, or even within a state, from one location to another, depending upon the incidence of local taxes, among others.
This is the second time in around 7 months, the union government had announced cut in excise duties. The first was in November 2021 when excise duty on petrol was reduced by Rs 5 per litre and diesel by Rs 10. A total of 25 states and Union Territories, including Nagaland, thereafter announced cut in VAT (Value Added Tax) following a ‘nudge’ from the union government.
Before the reduction, petrol was hovering at record high of Rs 108.34 per litre in Dimapur, while diesel a retailing at Rs 100.60 a litre on November 3.
According to the PTI news agency, post that reduction, state-owned oil firms held petrol and diesel prices for a record 137-day period during which international oil prices rose from USD 84 per barrel to near 14-year high of USD 140 per barrel.
They finally broke the hiatus with a Rs 10 per litre increase on both petrol and diesel in 16 days starting March 22, but again hit a freeze button after the last revision on April 6, it said.
When the revision of rates was halted in April, prices were reaching the record November 3, 2021 level.
Meanwhile, announcing the duty on Saturday, Union Finance Minister Nirmala Sitharaman had exhorted all state governments to also cut local sales tax or VAT.
It remained to be seen whether the States and UTs will act on the exhortation like last November.
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