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Petrol, diesel prices unchanged today as crude oil rates gain this week

Fadu News 2018-12-06 01:52:54

In the international market, crude oil breached $53 a barrel for the first time in almost two weeks after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed they would cooperate on managing the oil market.

New Delhi: As crude oil prices gained by about 5% this week, petrol and diesel prices were left unchanged. Crude oil price had rallied by nearly 10% over Monday’s and Tuesday’s sessions, but has now retraced half of those gains. However, since mid-October crude prices are down by about a quarter while petrol and diesel is down by less than 10%.

A litre of petrol now costs Rs 71.72 in Delhi, Rs 77.29 in Mumbai, Rs 74.41 in Chennai and Rs 73.75 in Kolkata. Diesel, on the other hand, costs Rs 66.39 in Delhi, Rs 69.48 in Mumbai, Rs 70.09 in Chennai and Rs 68.12 in Kolkata.

The way petrol and diesel prices charts are heading now, it is likely that the two automobile fuels will soon become cheaper in Delhi as compared to adjoining cities of Uttar Pradesh like Noida and Ghaziabad due to difference in state sales tax or VAT.

Delhi levies a VAT of 27 per cent on petrol. The same on diesel is 16.75 per cent plus Rs 250 per kl air ambience charge. VAT on petrol in Uttar Pradesh is 23.78 per cent or Rs 14.41 a litre, whichever is higher. In case of diesel, VAT is 14.05 per cent or Rs 8.43 a litre, whichever is higher.

In the international market, crude breached $53 a barrel for the first time in almost two weeks after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed they would cooperate on managing the oil market. But in talks between officials after that meeting, Saudi Arabia argued Russian proposals, which implied Moscow would cut output by a maximum of 150,000 barrels a day, would leave the kingdom shouldering too much of the burden.