Petrol, Diesel Rates Cut By 15 Paise Across Metro Cities
New Delhi: Petrol and diesel prices have been reduced on the first day of September by 13-15 paise across metro cities.
With this revision, the petrol was sold at Rs 101.34 a litre, while the diesel was retailed at Rs 88.77 per litre in the national capital.
In Mumbai, fuel prices witnessed a similar trend. The petrol price was declined by 13 paise to retail a litre of the fuel at Rs 107.39. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.
Diesel price also witnessed a drop of 15 paise and sold at Rs 96.33 per litre in Maharashtra’s capital on the day.
The petrol and diesel prices were declined by 10 and 14 paise respectively in Kolkata.
Fuel rates vary across the states due to value-added tax (VAT). The difference in prices in states occurs on account of local taxes like VAT or freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.