Petrol prices were increased by the oil marketing companies (OMCs) on Friday in four metropolitan cities. However, rates of diesel were kept stable for a third consecutive day. In Delhi, petrol prices rose by 10 paise per litre. In Mumbai, the price of petrol witnessed a hike of 9 paise per litre. A litre of petrol was being retailed at a price of Rs 82.32 in Delhi, Rs 89.69 in Mumbai, Rs 85.58 in Chennai and Rs 84.16 in Kolkata after the latest revision, according to a price notification of state-owned fuel retailers.
Here are 5 things to know about petrol prices, diesel rates today:
1. Diesel was being sold at a price of Rs. 73.87 per litre in Delhi, Rs.78.42 per litre in Mumbai, Rs. 78.10 per litre in Chennai and Rs. 75.72 per litre in Kolkata on Friday. The diesel rates were the same on Wednesday and Thursday also.
2. Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or Value Added Tax (VAT).
3. Rates vary from city to city and from pump to pump depending on local taxes and transportation cost.
4. A combination of a dip in rupee value against the US dollar and rise in crude oil prices leads to spike in fuel prices. The deadly cocktail of high oil prices and depreciating rupee makes import costlier and leads to a surge in fuel prices.
5. Globally, oil prices eased on Thursday, slowing an upward surge that had pushed the market toward four-year highs, after US President Donald Trump called on OPEC to ‘get prices down now!’ (With agencies inputs)