Petrol, Diesel prices touch new high

New Delhi, Sep 2: The petrol, diesel prices have continued to surg in a row for the eighth consecutive day on Sunday.

The Price of petrol in Delhi is at Rs 78.84/litre (increase by Rs 0.16/litre) and price of diesel at Rs 70.76/litre (increase by Rs 0.34/litre).

In Mumbai, the price of petrol at Rs 86.25/litre (increase by Rs 0.16/litre) and price of diesel at Rs 75.12/litre (increase by Rs 0.36/litre).

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.

On the increasing petrol and diesel prices, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan had claimed that rise in crude oil price in the international market and devaluation of the Indian rupee against the US Dollar, are two factors responsible for the hike.

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.