The state-owned OMCs have trimmed down petrol price in various state capitals of India by 15 paisa per litre on Monday. This cut would be the highest since the OMCs began relaxing petrol price from May 29. However, the prices still remain at record high.
The fuel price rise was an outcome of higher crude oil prices, and no relief in excise duty and Value Added Tax (VAT) which left no room for OMCs. Oil Ministry may reportedly ask ONGC to bear subsidy burden instead of OMCs, which will bring in good news for fuel price.
For now, you are paying nearly Rs 86 per litre and Rs 78 per litre in Mumbai and New Delhi respectively, whereas in Chennai and Kolkata you have to pay over Rs 80 per litre. OMCs take into consideration the daily performance of international crude oil, government’s excise duty and states’ VAT for deriving final retail prices in India.
Today, the petrol price in New Delhi was at Rs 77.96 per litre, down by 15 basis points, compared to previous day price of Rs 78.11 per litre. Read More
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