New Delhi, Sep 4: Petrol and diesel prices continued their upward trend and hit a new record high across the country on Tuesday.
In Delhi, Petrol price is at Rs 79.31/litre and price of diesel is Rs 71.34/litre. Whereas in Mumbai, Petrol now at Rs 86.72/litre and diesel selling for Rs 75.74/litre.
The revised rates are applicable from 6 am on September 4, 2018. Fuel is cheapest in Delhi among all metros and most state capitals due to lower sales tax or VAT (Value Added Tax). 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 total tax incidence on petrol comes to 45-50 per cent and on diesel, it is 35-40 per cent.
State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.
The state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum have been revising fuel prices with effect from 6 am on a daily basis since then.