Petrol, diesel prices shoot up again on Thursday. Know the rate in your city

Petrol and diesel prices on Thursday have increased again. Prices of both these motor fuels have increased by 34 paise and 9 paise respectively.

With the latest price hike, Mumbai is selling a litre of petrol at ₹106.59, whereas diesel costs in the city ₹97.18 per litre. Delhi on the other hand is selling a litre of petrol and diesel at ₹100.56 and ₹89.62 respectively.

Delhi and Kolkata were the two latest metro cities to join the list of cities where petrol price has breached the ₹100 mark. In Kolkata, a litre of petrol and diesel on Thursday are being sold at ₹100.62 and ₹92.65 respectively.

The latest hike was the 37th one since May 4, when the oil marketing companies ended their 18-day pause in price revision, which they observed during state assembly elections.

The petrol and diesel prices vary across states due to the variable tax amounts. Nearly half of the petrol and diesel prices are attributed to the central and state government taxes as combined. Petrol and diesel prices comprise components such as excise duty, freight charge, VAT, dealer commission etc.

Petrol and diesel prices also depend on the change in international crude oil prices and foreign exchange rates. However, the international crude oil prices have been remaining relatively stable lately. But, the high rate of tax in India is resulting in increasing prices for motor fuels.

Such an incessant price hike for motor fuels are not only impacting motorists but non-motorists as well. The motorists are shelling out extra money for buying fuel for their vehicles. Non-motorists on the other hand are being impacted due to the increasing inflation resulted from higher transportation costs.

There have been demands for reduction of excise duty on fuel, but the central government is yet to take any such step.