For the third consecutive day, on ailing rupee and rising crude oil price, oil marketing companies or OMCs have revised fuel rates higher which have now been de-regulated since long ago. The rates since June 15, 2017 are revised on a daily basis at 6 am tracking international cues.
In all of the major metros, diesel price has hit new record high price and is retailing at Rs 69.61 per litre in Delhi, Rs 73.90 per litre in Mumbai, Rs 72.46 per litre in Kolkata and Rs 73.54 per litre in Chennai. While petrol in the 4 metros is priced at 78.05 per litre in Delhi, Rs 85.47 per litre in Mumbai, Rs 80.98 per litre in Kolkata and Rs 81.09 per litre in Chennai.
In the national capital, fuel sells at the cheapest rate due to the lower VAT charges as against Mumbai where the VAT is charged at the rate of 39.12%.
In today's trade where on one hand prices of crude oil declined due to increase in supply from OPEC nations, they also gained support due to fear of supply from countries including Venezuela, Africa and Iran.