INSUBCONTINENT EXCLUSIVE:
Petrol, diesel rates today: A litre of petrol was being sold in Mumbai for Rs 88.26.Petrol and diesel prices set fresh highs as fuel rates
were increased further on Tuesday
A litre of petrol was being sold in New Delhi for Rs 80.87, in Kolkata for Rs 83.75, in Mumbai for Rs 88.26, and in Chennai for Rs 84.07,
according to the largest fuel retailer, Indian Oil Corporation (IOC)
Diesel was being sold at the rate of Rs 72.97/ litre in New Delhi, Rs 75.82/ litre in Kolkata, Rs 77.47/ litre in Mumbai, and Rs 77.15/
litre in Chennai.On Monday, Andhra Pradesh government announced a reduction of tax on petrol and diesel by Rs 2 a litre.On Sunday,
poll-bound Rajasthan slashed the tax on petrol and diesel
Chief Minister Vasundhara Raje announced a 4 per cent reduction which brought the prices of the two commodities down by Rs 2.5 per litre in
the state.The Centre currently levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel
On top of this, states levy Value Added Tax (VAT) -- the lowest being in Andaman and Nicobar Islands where 6 per cent sales tax is charged
on both the fuels.Petrol and diesel rates are revised on a daily basis by oil-marketing companies, after considering global crude oil rates
and the movement of the rupee against the US dollar
The rupee has been plunging to hit fresh lows almost every day this month and has sunk 11.6 per cent so far against the dollar this year.In
the global markets, US West Texas Intermediate (WTI) crude futures were at $67.61 per barrel at 0112 GMT or 6:42 am IST, up 7 cents from
their last settlement, according to a report by news agency Reuters
Brent crude futures climbed 11 cents to $77.48 a barrel
