Petrol, Diesel Prices Revised: 10 Things To Know About Today's Fuel Rates

The prices of petrol and diesel were raised by the state-run oil marketing companies (OMCs) on Friday. According to the revised rate chart, petrol can be bought today for Rs. 77.13 per litre in Delhi. The petrol is available in Mumbai, Kolkata and Chennai for Rs. 84.57, Rs. 80.09, and Rs. 72.43, respectively. Diesel can be purchased at Rs. 68.57 per litre in Delhi. Diesel prices in Mumbai stand at Rs. 72.80 per litre. Diesel price in Kolkata is Rs. 71.41per litre. In Chennai, it is Rs. 72.43 per litre, as stated by IOC (Indian Oil Corporation), the nation's largest fuel retailer.

Here are 10 things to know about petrol prices, diesel rates today:

1. The new fuel rates are applicable from 6 am on August 10, 2018.

2. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.

3. Petrol prices in Delhi are the lowest among all metro cities due to lower sales tax or VAT (Value Added-Tax).

(Government allowed revision of fuel rates on a daily basis since mid-June last year.)

4.Fuel prices in the country are largely determined by oil marketing companies according to global crude oil rates, rupee-dollar exchange rate, among several other factors. 

5. On Thursday, petrol was sold in Delhi for Rs. 77.06, in Kolkata for Rs. 80, in Mumbai for Rs. 84.50, and in Chennai for Rs. 80.05. 

6. A litre of diesel was sold in New Delhi for Rs. 68.50, in Kolkata for 71.31, in Mumbai for Rs. 72.72, and in Chennai for Rs.72.35 on Thursday.

7. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly

8. Globally, oil prices fell on Friday, pulled down by concerns that the escalating trade dispute between the United States and China would stall economic growth and fuel demand. 

9. Along with oil, Asian stock markets also fell on Friday amid heightened global trade tensions, as the world's two biggest economies threaten ever more tariffs on each other's products.

10. US crude oil exports to China, seen as a tool to reduce America's trade deficit with Asia's biggest economy, have soared in the last two years and by the middle of this year were worth around $1 billion per month. (With agencies inputs)