INSUBCONTINENT EXCLUSIVE:
Petrol and diesel prices were reduced on Monday by the Oil Marketing Companies (OMCs)
Petrol is retailing at a price of Rs
77.14 per litre in Delhi, Rs
84.58 per litre in Mumbai, Rs
80.10 per litre in Kolkata and Rs
80.14 per litre in Chennai
Fuel rates were slashed today after OMCs kept the petrol prices unchanged and hiked diesel prices on Sunday
Diesel can be purchased today at Rs
72.96 per litre in Mumbai, Rs
71.56 per litre in Kolkata and Rs
72.59 per litre in Chennai, according to daily price notification issued by state-owned oil firms.Here are 5 things to know about petrol
prices, diesel rates today:1
Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT (Value Added Tax)
Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel
Mumbai has the highest VAT of 39.12 per cent on petrol.2
State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily
The sate-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum have been revising fuel prices with effect from 6
Retail selling prices have been firming up since July 30 as international rates inched up
Petrol price had touched an all-time high of Rs
78.43 a litre on May 29 and had since receded
On that day, the diesel price had touched an all-time high of Rs.69.30.4
Globally, oil prices dipped on Monday as rising trade tensions and economic woes in emerging markets dented the outlook for fuel demand
growth, but US sanctions against Iran still pointed towards tighter supply
Traders said the demand outlook for oil was dimming due to ongoing trade disputes between the United States and China, as well as economic
trouble in Turkey potentially spreading across emerging markets, reported news agency Reuters.5
Despite the cautious mood in oil markets, there were drivers keeping prices from falling further
The United States has started implementing new sanctions against Iran, which from November will also target the country's petroleum sector
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC)
