Petrol prices, surged to new highs today as oil marketing companies (OMCs) raised the rates across four metro cities. However, diesel prices were kept stagnant for fourth consecutive day.
In Delhi, petrol was sold at Rs. 82.44 per litre, up from Rs. 82.32 per litre on Friday. In Mumbai, petrol was retailed at Rs. 89.80 per litre, nearing Rs. 90 per litre mark.
A litre of petrol was purchased at a price of Rs. 85.69 in Chennai and Rs. 84.27 in Kolkata, according to a price notification of state-owned fuel retailers.
Things to know about petrol prices, diesel rates today:
1. Diesel was being sold at a price of Rs. 73.87 per litre in Delhi, Rs.78.42 per litre in Mumbai, Rs.78.10 per litre in Chennai and Rs. 75.72 per litre in Kolkata on Saturday. Diesel rates were same on Friday also.
2. Petrol and diesel prices vary from city to city due to local taxes and transportation cost.
3. The surge in fuel prices is largely attributed to the rise in crude oil cost and the high excise duty levied on transportation fuel in the country.
4. Depreciating rupee also makes import of crude oil costlier and leads to a surge in fuel prices.
5. Delhi currently charges a VAT (Value Added Tax) 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.
6. Telangana levies the highest VAT of 26 per cent on diesel.
7. Maharashtra has the highest fuel cost among all the states as it charges the highest VAT on the petrol and diesel at a little over 39 per cent, including Rs. 9 surcharge on petrol and Re 1 on diesel.
8. 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.
9. Globally, oil prices rose ahead of a meeting of the Organization of Petroleum Exporting Countries (OPEC) and other large crude exporters on Sunday that is expected to focus on production increases as US sanctions restrict exports from Iran.
10. OPEC and other oil producers are discussing the possibility of raising output by 500,000 barrels per day (bpd) to counter falling supply from Iran, reported.