Big Cut In Fuel Prices In India
Fuel prices have been cut on Sunday for the fourth straight day by the oil marketing companies.
Petrol, diesel prices today: Fuel prices have been cut on Sunday for the fourth straight day by the oil marketing companies.The petrol prices declined between 14 to 17 paisa in four metro cities. The price will now stands at Rs 75.79 in Delhi, Rs 78.47 Kolkata, Rs 83.44 in Mumbai, and Rs 78.65 in Chennai, according to the Indian Oil Corporation (IOC) website. The new rates of petrol and diesel were made effective from 6 am onwards today. In Delhi the rates of petrol declined by 14 paise a litre. The petrol prices fell by 14 paise, in Mumbai. The prices of petrol declined by 17 paise in Kolkata and rates came down by 15 paise in Chennai.
The rates of diesel declined by 7 paise in Delhi and Kolkata. The fuel is down by 11 paise in Mumbai, and by 7 paise in Chennai. The diesel is selling at Rs 67.54, Rs 70.09, Rs 71.76 and Rs 71.29 in Delhi, Kolkata, Mumbai and Chennai, respectively.
Meanwhile, 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.