Petrol, diesel prices touch record highs after another hike
What's the story
Petrol and diesel prices on Friday touched record high levels across the country after rates were increased for the fourth time this week. Petrol price was hiked by 29 paise per liter and diesel by 34 paise a liter, according to a price notification by state-owned fuel retailers. Here are more details.
Delhi
Petrol priced at Rs. 92.34/liter in Delhi
The increase propelled rates in Delhi to climb to an all-time high of Rs. 92.34 a liter for petrol and Rs. 82.95 per liter for diesel. Rates had already crossed the Rs. 100-mark in several cities in Rajasthan, Madhya Pradesh, and Maharashtra, and with the latest increase, prices in Mumbai too were inching toward that level.
Mumbai
Petrol priced at Rs. 98.65/liter in Mumbai
Meanwhile, a liter of petrol in Mumbai now comes for Rs. 98.65, and diesel is priced at Rs. 90.11 per liter. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.
Background
Sri Ganganagar District has costliest petrol and diesel
This was the fourth increase in prices this week and the eighth hike since May 4, when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal. Sri Ganganagar District of Rajasthan had the costliest petrol and diesel in the country at Rs. 103.27 per liter and Rs. 95.70 a liter respectively.
Excise duty
Central government had raised excise duty on fuel last year
In eight increases, petrol price has risen by Rs. 1.95 per liter and diesel by Rs. 2.22. Since March last year when the government raised excise duty on fuel to an all-time high, petrol price has increased by a record Rs. 22.75 per liter (after accounting for a handful of occasions when rates fell) and diesel by Rs. 20.66.