INSUBCONTINENT EXCLUSIVE:
Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol.Petrol and diesel prices continued their upward trend and hit a new
record high in four metros across the country on Sunday
The prices of both petrol and diesel were raised by the Oil Marketing Companies (OMCs) today
Petrol is selling at a price of Rs
78.84 per litre in Delhi today
In Mumbai, petrol is retailing at Rs
86.25 per litre in Mumbai
81.76 per litre in Kolkata and Rs
81.92 per litre in Chennai
The prices of diesel have been hiked steeply
Diesel can be bought today at Rs
70.76 per litre in Delhi - a hike of 34 paise from Saturday
Diesel can be bought at Rs
75.12 per litre in Mumbai, Rs
73.61 per litre in Kolkata and Rs
74.77 per litre in Chennai, according to daily price notification issued by state-owned oil firms.(Diesel can be bought at Rs
75.12 per litre in Mumbai)The revised rates are applicable from 6 am on September 1, 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.Meanwhile, the Indian rupee collapsed to a fresh record low of 71 against the US dollar for the first time
ever on Friday by falling 26 paise on persistent demand for the US currency amid rising crude prices.
