New Delhi, Oct 11: Petrol prices and diesel prices were hiked across the metro cities on Thursday. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT. But still, the prices are on the rise ever since. Here are the petrol and diesel prices in metro cities on Thursday as per the Indian Oil's daily pricing formula.
In Delhi, Petrol and diesel prices are Rs 82.36 per litre (increase by Rs 0.10) and Rs 74.62 (increase by Rs 0.27) respectively. While in Mumbai, Petrol and diesel prices are Rs 87.82 per litre (increase by Rs 0.9) and Rs 78.22 per litre (increase by Rs 0.29) respectively.
Motor fuel prices have been rising across the country owing to higher global crude oil prices and a weaker Indian rupee.
To rein in motor fuel prices, the Centre had on October 4 announced an Rs 2.5 per litre cut in petrol and diesel prices. Of which, Rs 1.5 per litre is on account of reduction in excise duty and the balance would be absorbed by oil marketing companies.
Announcing the rate cut, finance minister Arun Jaitley appealed all the states to cut value added tax (VAT) on the two fuels. While some states followed the suite and reduced VAT, other denied a tax cut.