Domestic fuel prices scaled new highs on Saturday as petrol, diesel prices were hiked once again by the oil marketing companies (OMCs). In Delhi, petrol is available at a price of Rs. 81.63 per litre. A litre of petrol is selling today at a price of Rs. 89.01 per litre in Mumbai, Rs. 84.85 in Chennai and Rs. 83.49 in Kolkata. In Delhi, Mumbai, Chennai and Kolkata, diesel prices are at record levels of Rs. 73.54, Rs. 78.07 and Rs. 77.74, Rs. 75.39 per litre respectively, according to a price notification of state-owned fuel retailers.
Fuel rates vary from city to city and from pump to pump depending on local taxes and transportation cost. Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or value added tax (VAT).
However, Rajasthan government has announced a 4 per cent cut in the state VAT on petrol and diesel on Sunday, while Andhra Pradesh government announced a reduction of tax on petrol and diesel by Rs. 2 per litre.
Globally, oil prices pulled back on Friday on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.(With agencies inputs)
Source: NDTV Profit