INSUBCONTINENT EXCLUSIVE:
Fuel prices today: Diesel is retailing today at a price of Rs 71.55 in Delhi.Fuel prices breached record levels on Thursday as Oil marketing
companies (OMCs) raised petrol, diesel rates in the range of 20-22 paise per litre across four metros cities
Petrol can be purchased at a price of Rs
79.51 per litre in Delhi, according to price notification of state-owned fuel retailers
A litre of petrol is vending at Rs
Diesel is retailing today at a price of Rs 71.55 in Delhi, Rs
75.96 per litre in Mumbai, Rs
75.61 per litre in Chennai and Rs
74.40 per litre in Kolkata.Fuel prices have been on fire since mid-August, rising almost every day due to a combination of a drop in rupee
value and rise in crude oil rates
However, the fuel rates were kept unchanged by OMCs on Wednesday after consecutively increasing it for ten days.According to a recent report
of Press Trust of India (PTI), the government will not cut excise duty on petrol and diesel to cushion spiralling prices, as it has limited
fiscal space available to take any dent in revenue collections
The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between
November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a
On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged
Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel
The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that it expected global oil demand to
break through 100 million barrels per day for the first time later this year
Meanwhile, there are concerns that US sanctions against Iran, which will target the OPEC-member's oil industry from November, will tighten
