Petrol rate cut by 15 paise; diesel too gets cheaper
Diesel and petrol rates were marginally lowered by the state-run oil marketing companies (OMCs) on September 5. As per information, petrol prices have been slashed by 13 to 15 paise per litre and diesel rates have also decreased by almost 15 paise. However, even after a slight cut in prices, petrol and diesel are still retailing at high levels across India.
The rates of petrol and diesel are to be reviewed and revised by oil companies on a daily basis. The new prices become effective from morning at 6 am.
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The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
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In New Delhi, petrol has already crossed the three-figure mark and is retailing at Rs 101.19 per litre. Diesel prices stood at Rs 88.62 per litre in the national capital. Similarly, petrol costs Rs 107.26 per litre in Mumbai and over 101 in Kolkata. There are several Indian cities where the price of petrol still remains above Rs 100 per litre.
Notably, the fuel rates vary from state to state in the country due to the value-added tax or VAT. Rajasthan levies the highest VAT on fuel, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum are the three leading oil marketing companies. They revise domestic fuel prices with global benchmarks by taking into account alterations in the foreign exchange rates accordingly.
-PTC News
