Oil marketing companies (OMCs) kept the petrol, diesel prices unchanged on Wednesday after increasing the rates consecutively for the last 10 days. However, the fuel prices still remain at an all-time high. Petrol is selling at a price of Rs. 79.31 per litre in Delhi, according to price notification of state-owned fuel retailers. A litre of petrol is retailing at Rs. 86.72 in Mumbai, Rs. 82.41 in Chennai and Rs. 82.22 in Kolkata. Diesel is vending today at a price of Rs 71.34 in Delhi, Rs. 75.74 per litre in Mumbai, Rs. 75.39 per litre in Chennai and Rs. 74.19 per litre in Kolkata.
Fuel prices were the same in four metros on Tuesday also. Petrol and diesel prices vary from state to state due to local levies. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT (Value Added Tax). The Centre currently levies a total of Rs.19.48 per litre of excise duty on petrol and Rs. 15.33 per litre on diesel.
Delhi charges a VAT (Value Added Tax) of 27 per cent on petrol and 17.24 per cent on diesel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel.
The recent surge in fuel prices is largely attributed to the rising global crude oil prices, falling exchange rate of rupee and the high excise duty levied on transportation fuel in the country. However, the Indian rupee recovered from its all-time low of 71.58 and edged higher by 20 paise to 71.38 against the US dollar in opening trade today.
According to a Press Trust of India (PTI) report, the government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs on Tuesday, as it has limited fiscal space available to take any dent in revenue collections.
Globally, oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected. (With agencies inputs)
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