(NDTV)
Oil Marketing Companies (OMCs) hiked the petrol and diesel prices in four metro cities on Thursday. Petrol can be purchased at a price of Rs. 77.20 per litre in Delhi, Rs. 84.63 per litre in Mumbai, Rs. 80.14 per litre in Kolkata and Rs. 80.19 per litre in Chennai. Petrol prices in Delhi are the cheapest due to lower sales tax or VAT (Value Added Tax). Delhi charges a VAT of 27 per cent on petrol. Mumbai has the highest VAT of 39.12 per cent on petrol.
Diesel can be bought today at Rs. 68.78 per litre in Delhi. Diesel is priced at Rs. 73.02 per litre in Mumbai, Rs. 71.62 per litre in Kolkata and Rs. 72.65 per litre in Chennai. Diesel prices in Delhi are the cheapest due to lower sales tax or VAT. Delhi charges a VAT of 17.24 per cent on diesel.
Oil rose as global markets steadied on Thursday, recouping some of the previous day’s 2 per cent slide, though a weakening outlook for crude demand kept prices in check, reported news agency Reuters. The oil market had felt the effects on Wednesday of a large build in US inventories that added to concern over the outlook for fuel demand while crude was also swept lower by broader selling of industrial commodities such as copper.
China and the United States have implemented several rounds of tit-for-tat trade tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth. The crisis gripping the Turkish lira, meanwhile, has rattled other emerging markets and reverberated across equities, bonds and raw materials.
