Fuel prices continued to remain steady on Tuesday across various cities in the country including the national capital Delhi, Mumbai, Kolkata, and Chennai.
Last week, Delhi government lowered the value-added tax (VAT) on petrol to 19.40 percent from 30 percent, bringing down the price of the fuel in the city by about Rs 8 per litre. Accordingly, the price of petrol after the VAT cut in Delhi stands at Rs 95.41 per litre.
The petrol price in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre's decision to reduce the excise duty on fuel prices.
Meanwhile, the cost of one litre of diesel in Delhi stands unchanged at Rs 86.67 per litre on Tuesday. In Mumbai, the petrol and diesel prices stand at Rs 109.98 per litre and Rs 94.14 per litre, respectively.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Globally, oil prices edged up on Tuesday after a near 5 percent rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies, according to news agency Reuters.
(Edited by : Anshul)
First Published: IST