Diesel rates in Delhi were hiked by 28 paise a litre, the steepest increase in over a year. Friday's hike in the price of diesel in the national capital marked the highest hike since mid-June last year, according to news agency Press Trust of India. A litre of diesel now costs Rs 70.21 in Delhi, where the rates are the cheapest in all metros and most state capitals due to lower sales tax or VAT. The hike in fuel prices is mainly due to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country, reported news agency IANS.
Petrol is selling at a price of Rs. 78.52 per litre in Delhi today. In Mumbai, petrol is retailing at Rs. 85.93 per litre in Mumbai. Petrol is priced at Rs. 81.44 per litre in Kolkata and Rs. 81.58 per litre in Chennai. Diesel can be bought at Rs. 74.54 per litre in Mumbai, Rs. 73.06 per litre in Kolkata and Rs. 74.18 per litre in Chennai, according to daily price notification issued by state-owned oil firms.
The revised rates are applicable from 6 am on August 31, 2018. Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The total tax incidence on petrol comes to 45-50 per cent and on diesel, it is 35-40 per cent.
Meanwhile, the Indian rupee collapsed to a fresh record low of 71 against the US dollar for the first time ever today by falling 26 paise on persistent demand for the US currency amid rising crude prices.
State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions. The sate-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum have been revising fuel prices with effect from 6 am on a daily basis since then.
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