Diesel prices hit record high, highest in Mumbai at Rs 73.90 per litre

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diesel prices soar

The Hush Post: Diesel prices hit fresh record levels in four metros across the country on Tuesday. Oil Marketing Companies (OMCs) increased the prices of both petrol and diesel today for a third straight day.  According to daily price notification issued by state-owned oil firms, the diesel prices in the four metros are as follows:

Delhi: Rs 69.61 per litre

Mumbai: Rs 73.90 per litre

Kolkata: Rs 72.46 per litre

Chennai: Rs 73.54 per litre

The retail price of petrol in the metros is as follows:

Delhi: Rs 78.05 per litre

Mumbai: Rs 85.47 per litre

Kolkata: Rs 80.98 per litre

Chennai: Rs 81.09 per litre

According to an IANS report, the surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

Fuel prices in Delhi are relatively the lowest amongst the 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.

According to a PTI report, petrol and diesel will not come under the purview of Goods and Services Tax (GST) in the immediate future as neither the central government nor any of the states is in favour fearing high revenue loss.

State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.

Globally, oil prices rose on Tuesday as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market.

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