Petrol, diesel prices today: Petrol prices have been cut for the fifth straight day after brief pauses last week while diesel prices have been cut for the third straight day. Fuel prices have not risen since they touched record highs on May 29. Petrol price in Delhi today is at Rs 75.69 per litre, down from Rs 75.79 per litre on June 21. In Mumbai, petrol price is Rs 83.30 per litre. Yesterday it was Rs 83.44 per litre. In Chennai and Kolkata, petrol prices are Rs 78.55 per litre and Rs 78.37 per litre. Yesterday, the rates in these two metro cities were Rs 78.65 per litre and Rs 78.47 per litre. It means that petrol prices were cut between 10 paise per litre and 14 paise per litre.
Diesel price also went down by 8-10 paise in Delhi and currently stands at Rs 67.48 per litre. Diesel price in Mumbai is Rs 71.66 per litre, down from yesterday’s Rs 71.66 per litre. Diesel price in Kolkata is Rs 70.03 per litre. In Chennai it is Rs 71.22 per litre. Revise rates are applicable from 6:00 am on 25th June 2018.
Petrol prices in Gurgaon, Noida are Rs 76.22 per litre and Rs 76.72 per litre respectively. Petrol price in Ghaziabad is Rs 76.60 per litre. Diesel prices in Gurgaon and Noida are Rs 68.38 per litre and Rs 67.67 per litre respectively. Diesel price in Ghaziabad is Rs 67.54 per litre.
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.
OPEC agreed on Friday on a modest increase in oil production from July after its leader Saudi Arabia persuaded arch-rival Iran to cooperate amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. The group has agreed that OPEC and its allies led by Russia should increase production by about 1 million barrels per day (bpd), or 1 percent of global supply.