Petrol and diesel have become an indispensable part of our day-to-day life and any revision in the prices of the petroleum products affects all the major sectors directly or indirectly.
Though the prices of fuel continued to be on the higher side, no large change has been witnessed in the rates of the fuel in different places of Odisha on Sunday.
As per the latest reports, customers are reportedly paying Rs 103.01 per litre of petrol in the State Capital while diesel is sold at Rs 94.58 a litre.
In Cuttack, customers are paying Rs 103.54 and Rs 95.10 per litre of petrol and diesel respectively.
As per the fuel rate chart, petrol is being sold at 109.20 in Malkangiri. In Ganjam, petrol costs Rs 104.11 and in Sambalpur the petroleum product is priced at Rs 104.50. Similarly, petrol is being sold at 103.75 in Bhadrak and Rs 107.63 in Koraput.
It can be noted that India meets 80 per cent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices.
Lending support to the Union government's pitch for states to reduce sales tax (VAT) on petrol and diesel, Reserve Bank of India (RBI) Governor Shaktikanta Das on June 8 said a cut in VAT on fuel will help soften inflationary pressures as well as expectations.
The central government had on May 21 cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 to give relief to consumers battered by high fuel prices that have also pushed inflation to an all-time high. At that time, it asked states to lower VAT to further provide relief. Almost no state reduced VAT.