The retail prices of petrol and diesel remained unchanged on Wednesday, continuing a 37-day freeze on the automobile fuel rates across the country. Meanwhile, Assam government has increased the Value Added Tax (VAT) on diesel, petrol and other motor spirits.
According to the official website of Indian Oil Corporation, on Tuesday, petrol now costs Rs 69.59 per litre in Delhi, Rs 76.31 per litre in Mumbai. Similarly, diesel costs Rs 62.29 a litre in Delhi, Rs 66.21 a litre in Mumbai. In Kolkata, a litre of petrol will cost Rs 73.30 per litre whereas diesel is now priced at Rs 65.62 per litre. In Chennai, a litre of petrol will cost Rs 72.28 per litre whereas diesel is now priced at Rs 65.71 per litre.
"Value Added Tax in Assam for diesel will be 23.66 paise in the rupee or Rs 17.45 per litre, whichever is higher. VAT for petrol and other motor spirits will be 32.66 paise in the rupee or Rs 22.63 per litre, whichever is higher, with effect from April 22," Assam Government said in a Gazette notification on Tuesday. The Assam Value Added Tax Act, 2003 was amended to effect this change in the taxation rate.
US oil prices surged Wednesday after falling below zero for the first time at the start of the week as markets drown in crude due to a virus-triggered collapse in demand. US benchmark West Texas Intermediate for June delivery was up almost 10 percent at $12.68 a barrel, paring gains of around 20 percent at the open in Asia.
Crude oil futures on Tuesday plummeted 10.89 per cent to Rs 1,579 per barrel as participants trimmed their positions on weak spot demand. On the Multi Commodity Exchange, crude oil for May delivery fell by Rs 193, or 10.89 per cent, to Rs 1,579 per barrel with a business volume of 16,765 lots. Crude oil for June delivery was quoting lower by Rs 195, or 9 per cent, at Rs 1,972 per barrel with an open interest of 1,306 lots.