Petrol and diesel prices hit a record new high in four metros across the country on Friday. The prices of both petrol and diesel were raised by the Oil Marketing Companies (OMCs) today. The fuel prices were also increased on Thursday. 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. Fuel prices today hit their highest level, crossing the previous peak reached on May 29.
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 today at Rs. 70.21 per litre in Delhi. 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. 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.
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
Globally, oil prices dipped on Friday amid concerns the trade war between the United States and China could intensify, although looming U.S. sanctions against Iran's oil exports prevented markets from falling further. (With agencies inputs)
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