Petrol prices were increased while diesel prices were kept unchanged on Saturday by the Oil Marketing Companies (OMCs). Petrol is retailing at a price of Rs. 77.28 per litre in Delhi, Rs.84.71 per litre in Mumbai, Rs. 80.22 per litre in Kolkata and Rs. 80.28 per litre in Chennai. Petrol rates were hiked today after OMCs kept the petrol rates unchanged on Friday. Diesel can be purchased today at Rs. 68.86 per litre in Delhi. Diesel is priced at Rs. 73.10 per litre in Mumbai, Rs. 71.70 per litre in Kolkata and Rs. 72.74 per litre in Chennai, according to daily price notification issued by state-owned oil firms.
Here are 5 things to know about petrol prices, diesel rates today:
1. Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT (Value Added Tax). Delhi charges a VAT 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.
2. State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions. The sate-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum have been revising fuel prices with effect from 6 am on a daily basis, since then.
3. Petrol price had touched an all-time high of Rs. 78.43 a litre on May 29 and had since receded. On that day, the diesel price had touched an all-time high of Rs. 69.30.
4. According to government officials, the crude oil import bill is likely to jump by about $26 billion in 2018-19 as rupee dropping to a record low has made buying of oil from overseas costlier.
5. Globally, crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the US market while trade disputes and slowing global economic growth would dampen demand for oil. US crude declined for the seventh consecutive week, and global benchmark Brent was dropped for a third week, reported news agency Reuters.