Petrol and diesel prices hit a new record high in four metros across the country on Saturday. The prices of both petrol and diesel were raised by the Oil Marketing Companies (OMCs) today. Petrol is selling at a price of Rs. 78.68 per litre in Delhi today. In Mumbai, petrol is retailing at Rs 86.09 per litre in Mumbai. Petrol is priced at Rs. 81.60 per litre in Kolkata and Rs. 81.75 per litre in Chennai. Diesel can be bought today at Rs. 70.42 per litre in Delhi. Diesel can be bought at Rs 74.76 per litre in Mumbai, Rs. 73.27 per litre in Kolkata and Rs. 74.41 per litre in Chennai, according to daily price notification issued by state-owned oil firms. On Friday, diesel rates in Delhi were hiked by 28 paise a litre, the steepest increase in over a year.
(Petrol is selling at a price of Rs. 78.68 per litre in Delhi today)
The revised rates are applicable from 6 am on September 1, 2018. Fuel is cheapest in Delhi among all metros and most state capitals due to lower sales tax or VAT (Value Added Tax). 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.
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 state-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.
Globally, oil prices slipped on Friday, pressured by renewed concerns that a global trade war could dent energy demand, although impending US sanctions on Iran and falling Venezuelan output limited the decline, reported Reuters.
Benchmark Brent crude oil fell 42 cents to $77.35 a barrel by 1735 GMT. US crude slipped 36 cents to $69.89.
Meanwhile, the Indian rupee collapsed to a fresh record low of 71 against the US dollar for the first time ever on Friday by falling 26 paise on persistent demand for the US currency amid rising crude prices.
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