INSUBCONTINENT EXCLUSIVE:
Fuel prices today: A litre of petrol is retailing at Rs
87.39 in Mumbai.Petrol and diesel prices reached a new record level on Friday after oil marketing companies (OMCs) hiked fuel rates by
around 50 paise per litre across four metros cities
According to price notification of state-owned fuel retailers, petrol is selling at a price of Rs
A litre of petrol is retailing at Rs
Diesel can be purchased today at a price of Rs
72.07 per litre in Delhi. Diesel is vending at Rs 76.51 per litre in Mumbai, Rs
76.17 per litre in Chennai and Rs
74.92 per litre in Kolkata
Except for a halt on September 5, 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. The Centre currently levies a total of Rs
19.48 per litre of excise duty on 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 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
Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel
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.According to Press Trust of India (PTI) report, opposition parties will organize nationwide strikes and
protests next on September 10 over record-high fuel prices.Globally, oil prices were stable on Friday, as the market balanced a fall in U.S
crude inventories to the lowest levels since 2015, with Sino-American trade tensions and economic weakness from emerging markets
