Petrol and diesel prices have gone up in four metro cities across India with oil marketing companies on Sunday enhanced the rates for the eighth consecutive day. In Delhi, a litre of petrol now comes for Rs 78.84 as against Rs 78.68 per litre of Saturday. The prices of diesel, on the other hand, touched a new high of Rs 70.77, up from Rs 70.42. Hence, there is an increase in the Petrol price in the city by Rs 0.16/litre and in the Diesel price by Rs 0.34/litre.
In Mumbai too, both the petrol and diesel prices were increased by Rs 0.16/litre and by Rs 0.36/litre respectively. On Sunday, Petrol can be purchased at Rs 86.25/litre while diesel is retailing at a price of Rs 75.12/litre in the financial capital of India.
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The revised rates are effective from 6 am on September 2, 2018. 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 has the highest VAT (Value Added Tax) of 39.12 per cent on petrol. 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, hopes that the rally in global rates is temporary and will go downwards soon.
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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.
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