Petrol, diesel prices today: The prices of petrol and diesel were kept unchanged by the oil marketing companies (OMCs) on Wednesday. One litre of petrol can be availed at Rs 77.06 in Delhi today. Th diesel is available at Rs 68.50 per litre. The price of petrol in Mumbai today is Rs 84.50, and diesel is Rs 72.72 per litre. In Kolkata, petrol prices stand at Rs 80 and diesel is retailed at Rs 71.31 per litre. In Chennai, petrol is retailed at Rs 80.07, and diesel at Rs 72.35 per litre, data sourced from IOC app showed.
The petrol prices crossed the Rs 77 a litre mark for the first time in the last two months due to strengthening of international crude oil rates.
Reduction in excise duty
Demands for cut in excise duty has been triggered off and on due to high prices in the country bu the government has not given in to nay such demands of immediate cut. The central government at present imposes a total of Rs 19.48 per litre of excise duty on petrol, and Rs 15.33 per litre on diesel. The states levy Value Added Tax (VAT) which is the lowest in Andaman and Nicobar Islands where a sales tax of 6 percent is charged on both petrol and diesel.
Meanwhile, both Saudi Arabia and Russia have started to hike their production of oil for several weeks just before the formal decision to raise output was taken by OPEC along with its allies towards the end of the month of June.
Saudi Arabia has increased the production of oil to 10.49 million barrels per day (bpd) in the month of June. Earlier it stood at 10.03 million in May and 9.87 million bpd in April, according to government data submitted to OPEC.
Russia’s Rosneft also started to raise output from late May. The raise was due to anticipation of a relaxation of the supply curbs, according to an investor presentation released with the company’s second-quarter results on Tuesday.