Petrol, diesel prices go up in third straight hike. Check latest fuel rates

Petrol and diesel prices were hiked today by oil companies. In the third fuel price revision in as many days, petrol prices have gone up for the first time in the last four weeks. While price of a litre of petrol has been hiked by 20 paise, diesel price was increased by 25 paise per litre.

Petrol and diesel prices were revised on Tuesday after crude oil prices hit $80 per barrel, highest in the last three years. After the latest hikes, petrol price in Delhi today stands at ₹101.39 per litre. Diesel price in Delhi is at ₹89.57 per litre.

The price of petrol remained steady at ₹101.19 per litre in Delhi since the last price hike happened on July 17.

Petrol price in Mumbai today has been revised to ₹107.47 per litre, while diesel will cost ₹97.21 for the same amount. Petrol price in Chennai has climbed to almost three figures, touching ₹99.15 per litre. Diesel price in Chennai today stands at ₹94.17. Petrol price in Kolkata today has gone up to ₹101.87, while diesel will cost ₹92.67 per litre.

Since May last year, petrol and diesel prices have gone up by more than ₹30 per litre. After reaching record highs across all over the country, petrol price was reduced by 65 paise for a litre and diesel by ₹1.25 per litre.

The cost of these fuel are much higher than it should have cost straight out of a refinery because of several Central and state taxes levied on them. For instance, In Delhi, Centre's tax contributes to 32.5% of petrol's retail price besides the state government's taxes in form of Value Added Tax (VAT) constitutes another 23.07% of the overall price. On diesel, the central excise is over 35.8% while VAT is more than 14.6%. Currently, the Centre levies excise duties of ₹32.80 per litre on petrol and ₹31.80 on diesel.