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Petrol, diesel prices remain unchanged – Check fuel prices in metro cities on July 15, 2020

New Delhi: Petrol and diesel costs remained unchanged on Wednessday (July 15). Though petrol costs haven’t been altered since June 29, diesel costs had been hiked on Monday.

Diesel is now priced at Rs 81.05 per litre and petrol will price Rs 80.43 per litre in Delhi. In Kolkata, petrol is priced at Rs 82.10 per litre and diesel prices Rs 76.17. In Mumbai, petrol comes for Rs 87.19 a litre and diesel for Rs 79.27. In Chennai petrol is priced at Rs 83.63 a litre and diesel at Rs 78.11.

Diesel continues to be costlier than petrol within the National capital. Diesel value for the primary time in dwelling reminiscence crossed the speed of petrol within the nationwide capital on June 24 hitting Rs 79.76 a litre.

Rates differ from state to state relying on the incidence of VAT. However, diesel is costlier than petrol solely within the nationwide capital the place the state authorities had raised native gross sales tax or VAT on the gas sharply in May.

Traditionally, diesel was priced Rs 18-20 a litre decrease than petrol as a result of lesser taxation. But through the years, the taxes have elevated, narrowing the hole.

The Delhi authorities had on May 5 hiked Value Added Tax (VAT) on diesel from 16.75 per cent to 30 per cent and on petrol from 27 per cent to 30 per cent. Since the levy is advert valorem, the precise incidence has gone up each single time oil firms raised retail promoting value.

Taxes make up for practically two-third of the retail promoting value. As a lot as Rs 50.69 per litre, or 64 per cent, in petrol value is because of taxes – Rs 32.98 is the central excise responsibility and Rs 17.71 is native gross sales tax or VAT.

Over 63 per cent of the retail promoting value of diesel is taxes. Out of the full tax incidence of Rs 49.43 per litre, Rs 31.83 is by means of central excise and Rs 17.60 is VAT.

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