State-run oil marketing companies reduced the price of diesel in the national capital by more than Rs 8 per litre, a day after the Delhi government lowered the value added tax (VAT) applicable to the fuel to 16.75 per cent from 30 per cent. The price of petrol was left unchanged in Delhi. In other metros, fuel prices remained unchanged at existing levels on Friday, July 31. Currently, oil marketing companies review domestic fuel prices on a daily basis, and implement any changes with effect from 6 am every day. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
Here are Indian Oil's prices of petrol and diesel in the four metros (in rupees per litre) with effect from 6 am, Friday:
|(Source: Indian Oil)|
With the latest cut, the retail price of diesel became lower compared to petrol in Delhi. Diesel had remained more expensive than petrol in the national capital for few weeks.
While announcing the reduction in value added tax on diesel on Thursday, Delhi Chief Minister Arvind Kejriwal said the move would help propel Delhi's economy.
Currently, petrol and diesel prices vary from state to state due to VAT.
Crude oil prices gained some ground on Friday, a day after touching three-week lows, responding to a record decline in US growth as the coronavirus ravaged the world's biggest economy and oil consumer.
Brent crude futures - the global benchmark for crude oil - were last seen trading 0.3 per cent higher at $43.08 per barrel.
The rupee moved within a range of 74.68-74.78 against the US dollar on Friday, still down nearly 5 per cent so far this year.