Home >News >India >Petrol, diesel prices cut today in Delhi, Mumbai. Check latest rates here

After remaining unchanged for several days, petrol & diesel prices have been reduced on the first day of September by 13-15 paise across metro cities. Petrol is now retailing at 101.34 in Delhi, whereas diesel at 88.77. In India's financial capital Mumbai, petrol is being sold at 107.39 per litre, and diesel at 96.33 per litre.

In Kolkata, petrol prices stand at 101.72 per litre and diesel prices at 91.84 per litre in the city. In Tamil Nadu's capital Chennai, petrol prices being sold at 99.08 per litre and diesel prices at 93.38 per litre.

Last month, Tamil Nadu announced a 3 per litre cut in petrol prices. Presenting his maiden budget to the Assembly after the state polls in April, Tamil Nadu finance minister Palanivel Thiaga Rajan said the tax cut on petrol would mean a 3 per litre reduction.

Later, the Puducherry government also said the territorial administration has cut value-added tax (VAT) on petrol by 3%. With the cut, the price of petrol were said to be reduced by 2.43 per litre in Puducherry and Karaikal regions.

Fuel rates vary across the states due to value-added tax (VAT). The difference in prices in states occurs on account of local taxes like VAT or freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.

Meanwhile, oil prices were stable on Wednesday ahead of an OPEC+ meeting, at which major producers will decide whether to go ahead with their plan to add supply. The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, together called OPEC+, are due to meet to decide whether to stick to a plan to add 400,000 barrels per day (bpd) each month through December.

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