Petrol, diesel price hiked, hit record high. Check fuel rates in your cities
Petrol and diesel price today have been increased to its all time high again across major cities in India. While petrol price was increased by about 30 paise per litre, diesel price received a hike of around 35 paise per litre.
This is the second consecutive day of fuel price hike in India, after oil companies began revising the rates upwards since Tuesday. Yesterday's hike saw petrol and diesel price increased by up to 30 paise per litre.
Petrol price in Delhi today have been revised to ₹102.94 per litre, while diesel price has reached ₹91.42 for a litre.
Petrol price in Mumbai today has gone up to ₹108.96 for a litre as diesel price is just shy of the three-figure mark at ₹99.17 for the same amount.
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Petrol price in Chennai today has also seen hike, which stands at ₹100.49 per litre. Diesel price in Chennai has been revised to ₹95.93 per litre.
Petrol price in Kolkata today has been revised to ₹103.65, while diesel price has been hiked to ₹94.53 for a litre.
It has been year of steep fuel price hikes in India. Since January this year, incessant hikes has taken the fuel rates at record levels, breaching ₹100-mark at all state capitals and other major cities across the country. There was a brief gap in price hikes between March and May, but hikes have been almost a weekly affair which also led to protests.
The latest spate of hike comes at a time when global crude oil prices are on the increase in international markets. Crude prices in the international market are at a nearly three-year high. India's high dependency on oil imports leads to revision of rates in sync with the international rates.
also has a big impact are taxes and levies imposed by central and state governments. And with no sign of fuel prices being brought under Goods and Services Tax (GST) ambit, there is also no sign of a respite in the offing. The retail price of petrol and diesel comprise different components. Taxes imposed by central and state governments contribute lion's share among them. These components include excise duty, freight charges, VAT, dealer commission etc. Excise duty in the last two years has been increased massively, which resulted in a substantial hike in petrol and diesel prices. The price varies across states, because of different rates of VAT levied by different states.