Petrol and diesel prices in India rose to a new high on Thursday as Oil Marketing Companies (OMCs) increased the fuel price rates across metro cities. Petrol price was hiked by 20 paise a litre and diesel by 21 paise. In Delhi, a litre of petrol now comes for Rs 79.51 as against Rs 79.15 per litre on Tuesday. Diesel also touched a new high of 71.55, up from Rs 71.15.
In Mumbai, Petrol is sold at Rs 86.91 while diesel is retailing at a price of Rs 75.96/litre on Thursday, according to price notification of state-owned fuel retailers. The revised rates are made effective from 6 am on September 6, 2018.
Petrol & Diesel prices in #Delhi are Rs.79.51 per litre & Rs.71.55 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.86.91 per litre & Rs.75.96 per litre, respectively. pic.twitter.com/1Y8fKbM60D— ANI (@ANI) September 6, 2018
However, on Wednesday, fuel prices remained constant in four metros across India. OMCs kept the petrol, diesel prices unchanged on September 5 after increasing the rates consecutively for the last nine days.
In Delhi, the fuel is cheapest among all metros and most state capitals in comparison to other cities due to lower sales tax or VAT. While Mumbai and Telangana levy the highest VAT (Value Added Tax) of 39.12 per cent and 26 per cent on petrol and diesel respectively, Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.
The fuel prices have been on the rise since August 16 following a record deep in rupee against the US dollar. The government, however, expressed the hope that the rally in global rates is temporary and will go downwards soon.
Apart from the devaluation of the Indian rupee, the rice in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in India.
State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions. Since then, the fuel prices have been revised with effect from 6 am on a daily basis.