Petrol, Diesel Prices: Here's Everything You Need To Know About Fuel Rates
Petrol and diesel prices were kept unchanged on Saturday by the Oil Marketing Companies (OMCs). Petrol is retailing at a price of Rs. 77.67 per litre in Delhi today. Petrol can be bought at Rs. 85.09 per litre in Mumbai, Rs. 80.61 per litre in Kolkata and Rs. 80.69 per litre in Chennai today. Diesel can be purchased today at Rs. 69.18 per litre in Delhi. Diesel is priced at Rs. 73.44 per litre in Mumbai, Rs. 72.02 per litre in Kolkata and Rs. 73.08 per litre in Chennai, according to daily price notification issued by state-owned oil firms. Fuel prices were same on Friday also.
Here are key things to know about petrol prices, diesel rates:
1. 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.Â
2. 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.Â
3. Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol, while Telangana levies highest VAT of 26 per cent on diesel.Â
4. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.Â
5. The total tax incidence on petrol comes to 45-50 per cent and on diesel, it is 35-40 per cent.
6. After hitting an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have marginally fallen during the subsequent days on softening in international oil prices and rupee strengthening against the US dollar.
7. The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
8. According to a report of Press Trust of India (PTI), petrol and diesel will not come under the purview of Goods and Services Tax (GST) in the immediate future as neither the Central government nor any of the states is in favour on fears of heavy revenue loss.
9. Globally, oil prices gained more than 1 per cent on Friday, ending a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China's appetite for US crude.Â
10. Concerns that an escalating trade war between China and the US could slow economic growth and weigh on crude purchases eased slightly after sources told news agency Reuters that China's Unipec will resume purchases of US crude oil in October, after a two-month halt due to the fight.
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