Petrol, diesel prices today: Petrol prices have been cut today again for the second straight day after a brief pause, with Mumbai seeing a cut of 18 paise, while diesel prices have been kept unchanged for the second day. The fuel prices have either been cut or put on hold since they surged to an all-time high on May 29 amid the government’s efforts to find a solution to keep it “within the reach of the common man”.
Petrol price in Delhi today is at Rs 76.02 per litre, down from Rs 76.16 per litre on June 21. In Mumbai, petrol price is Rs 83.74 per litre. Yesterday it was Rs 83.92 per litre. In Chennai and Kolkata, petrol prices are Rs 78.89 per litre and Rs 78.70 per litre. Yesterday, the rates in these two metro cities were Rs 79.04 per litre and Rs 78.83 per litre. It means that petrol prices were cut between 7 paise per litre and 18 paise per litre.
Diesel in Delhi and currently stands at Rs 67.68 per litre. Diesel price in Mumbai is Rs 71.99 per litre. Diesel price in Kolkata is Rs 70.23 per litre. In Chennai it is Rs 71.44 per litre. Revise rates are applicable from 6:00 am on 21th June 2018.
Oil Minister Dharmendra Pradhan pressed OPEC nations to move to the responsible pricing of oil and gas saying the present rates are far detached from market fundamentals. Stating that current high oil prices dent the economic development of many countries, he said already fragile world economic growth will be at threat if oil prices persist at these levels.
The government may also bring petrol and diesel under the ambit of the Goods and Services Tax (GST). A peak tax rate of 28 percent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, an official told PTI. The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states