New Delhi, October 28: Amid continual hikes, fuel prices witnessed a downward trend even on Sunday, giving the much-needed relief to people of India. On Sunday, petrol prices in the national capital were reduced by 40 paise to Rs 80.05, while diesel saw a reduction of 33 paise to fall to Rs 74.05.  Meanwhile, in Mumbai, petrol prices saw a cut down of 39 paise and will be sold at Rs 85.54, while diesel prices fell to Rs 77.61 after a reduction of 35 paise.

On Saturday, petrol in Delhi was priced at Rs 80.45 per litre (decrease by Rs 0.40) while diesel was priced at Rs 74.38 per litre (decrease by Rs 0.35). In Mumbai, petrol was priced at 85.93 per litre while diesel was at Rs 77.96 per litre.

The retail selling price of petrol and diesel is dependent on international prices of benchmark fuel and the rupee-US dollar exchange rate. In the past few months, the retail prices of petrol and diesel have increased in the due to an increase in the international prices and depreciation of rupee.  Respite for Consumers as Downward Trend Continues, Petrol Rs 80.85 and Rs 86.33 Per Litre in Delhi and Mumbai. 

As per details by sources, the retail prices of petrol and diesel in Delhi have come down to Rs. 80.85 per litre and Rs. 74.73 per litre respectively in the last few days. In the last one week, retail prices have registered a reduction of Rs. 1.98 per litre on petrol and Rs. 0.96 per litre on diesel,” sources were quoted by ANI.

It must be noted that the Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. According to a PTI report, Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

(The above story first appeared on LatestLY on Oct 28, 2018 08:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website