The government oil companies shocked consumers living in the metros of the country today. Oil prices rose for the second consecutive day in four metropolitan cities of Delhi-Mumbai, Kolkata, and Chennai. According to the Indian Oil Corporation’s rate chart, the price of petrol in Delhi is 77.23 per liter on Saturday, Rs 84.67 per liter in Mumbai, while in Kolkata and Chennai the price of petrol is Rs 80.18 and Rs 80.23 per liter, respectively. Similarly, diesel prices went up by Rs 68.71 per liter in Delhi, Rs 72.94 per liter in Mumbai. In Kolkata, 71.55 per liter and Chennai Rs 72.57 per liter.
Government oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum decide on new prices at 6 a.m. on a daily basis. All the three companies have applied new prices on the 11th of August ie Saturday. Petrol price in Delhi is the lowest in all metros due to low VAT. The price of petrol reached the highest level of Rs 78.43 per liter on May 29. Since then, it has been in decline. Diesel price was also at its fastest Rs 69.30 per liter on that day.
According to PTI report, the government oil companies shut down the system of reviewing oil prices on 1st and 16th of every month in mid-June last year and started deciding the oil price per day. At present, the central government currently levies excise duty of Rs 19.48 per liter on petrol, while diesel at Rs 15.33 per liter. State Governments implement VAT accordingly.
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