Petrol becomes cheaper by ₹8.56 per litre in Delhi from today: Check rate here

Petrol price in Delhi has become cheaper by ₹8.56 per litre as the state government announced VAT rate cuts on Wednesday. The Delhi government on Wednesday reduced VAT on petrol from 30 per cent to 19.40 per cent. This resulted in ₹8.56 per litre cost reduction for petrol from Thursday in the national capital.

While petrol price has become significantly cheaper from Thursday in Delhi, diesel price in the national capital remains unchanged as VAT rate on diesel is same. Petrol and diesel prices in other states too remain unchanged.

In Mumbai, petrol is selling at ₹109.98 per litre; while diesel costs ₹94.14 per litre. Among the metro cities, petrol and diesel rates are the highest in Mumbai. in Chennai, a litre of petrol and diesel now cost ₹101.40 and ₹91.43 respectively. In Kolkata, petrol and diesel rates are ₹104.67 a litre and ₹89.79 per litre respectively.

Petrol and diesel prices across the country witnessed incessant hikes earlier this year, shooting past ₹100 per litre mark in many areas. However, with central government's announcement of excise duty cut just ahead of Diwali gave a much-awaited breather to the common people. Since then petrol and diesel prices remain static across the country. Several state governments too announced VAT rate cuts right after the central government's announcement of excise duty cut.

Meanwhile, the oil price in the international market rose to reverse the losses of Wednesday. The price hike for crude oil in the global market took place on expectations that OPEC+ may pause supply additions amid growing concern around the spread of the Omicron variant of Coronavirus, which could weigh on the global economy and fuel demand.

The US West Texas Intermediate (WTI) crude futures gained 48 cents, or 0.7 per cent, to $66.05 a barrel, after a 0.9 per cent drop on Wednesday. Brent crude futures too shot up 48 cents, or 0.7 per cent, at $69.35, having eased 0.5 per cent in the previous session.