Petrol Costs 91.20 Rupees Per Litre In Mumbai, Diesel Nears 80 Rupees Per Litre

Oil marketing companies (OMCs) raised petrol and diesel prices on Tuesday. Petrol price went up to Rs 91.20 per litre in Mumbai, while the price of diesel was revised to Rs. 79.89 per litre, according to a notification by Indian Oil Corporation (IOC). In Delhi, petrol price reached Rs 83.85 per litre. The diesel price in the national capital rose to Rs 75.25 per litre. In Chennai, petrol and diesel prices stood at Rs. 87.18 per litre and Rs 79.57 per litre respectively. In Kolkata, petrol and diesel prices were at Rs. 85.65 per litre and Rs 77.10 per litre respectively.

Here are 5 things to know about petrol, diesel prices:

1. The increase in domestic transport fuel rates comes on the back of crude oil quoting near four-year highs. Brent - the international benchmark for crude oil - rose above $85 per barrel in anticipation of a tightening supply, not far off the $85.45 peak - the highest since November 2014 - in the previous session.

2. Other than crude oil, domestic fuel prices also include central and state taxes. 

3. With petroleum still excluded from the GST (Goods and Services Tax) regime, fuel prices vary in line with local taxes. 

4. Delhi has the lower taxes among the four major metros. VAT or value added tax on petrol in Delhi stands at 27 per cent, and 17.4 per cent on diesel. 

5. Meanwhile, Punjab, Haryana, Delhi, Uttar Pradesh, Himachal Pradesh and Chandigarh had last month agreed to fix uniform tax rates on petroleum products.

(With inputs from agencies)