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Petrol rises marginally to Rs 87.15/litre in Mumbai, diesel at Rs 76.75/litre

6 October, 2018 4:29 AM
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Petrol rises marginally to Rs 87.15/litre in Mumbai, diesel at Rs 76.75/litre

A day after customers felt relief from rising fuel prices as Centre cut excise duty on fuel, the petrol price was up 18 paise in Mumbai at Rs 87.15 per litre on October 6. Diesel price dropped 70 paise to Rs 76.75 in the city following a Rs 1.56 per litre relief from the state on October 5.

In Kolkata, the price of petrol now stands at Rs 83.52 per litre, down Rs 2.28, while that of diesel dropped Rs 2.21 to Rs 75.09 per litre.

The cost of petrol in Chennai is Rs 84.89 per litre, while the price of diesel stands at Rs 77.42 per litre.

Finance Minister Arun Jaitley said on October 4 the Centre will bear the burden of Rs 1.5 per litre, while oil marketing companies (OMCs) will absorb another Re 1 in cost, bringing the total benefit to consumers to Rs 2.5. He also said that the Centre has requested the states to carry out a similar cut on the local taxes on fuel.

Several states positively responded to the Centre's request, with Gujarat, Madhya Pradesh, Himachal Pradesh, Jharkhand, Uttarakhand, Assam, Haryana, Goa, Chandigarh, Bihar, Uttar Pradesh and Tripura announcing a cut on local taxes on petrol diesel by Rs 2.5.

Maharashtra has chosen to carry out the Rs 2.5 cut in value added tax (VAT) on petrol and Rs 1.56 on diesel price. The states of Kerala and Karnataka refused to match the Centre's tax cuts. Others are yet to respond.

Source: moneycontrol.com

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