After a one-day hiatus, petrol and diesel prices Thursday were hiked again to new highs. Petrol price touched the Rs 83 per litre mark in Delhi while continued to head towards the record century mark in Mumbai.
While a litre of petrol was sold for Rs 83.00 in Delhi, rates soared to as much as Rs 90.35 in Mumbai, according to a price notification by the Oil Marketing Companies (OMCs). Hence, there is a surge of Rs 0.14 and Rs 0.13 in Delhi and Mumbai respectively.
The diesel prices were increased by Rs 0.12 and Rs 0.13 in Delhi and Mumbai respectively. The latest increase pushed the price to a record high of Rs 74.24 and Rs 78.82 in the metros.
"Petrol and Diesel prices in Delhi are Rs 83.00 per litre Rs 74.24 per litre, respectively. Petrol and Diesel prices in Mumbai are Rs 90.35 per litre, Rs 78.82 per litre, respectively," the news agency ANI reported.
Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or value added tax (VAT).
A combination of a dip in rupee value against the US dollar and rise in crude oil prices has led to a spike in fuel prices since mid-August. Petrol price has since risen by Rs 5.02 per litre and diesel by Rs 5.15 -- the most in any one-month period since the daily revision in fuel prices was introduced in June last year.
Rates vary from city to city and from a pump to pump depending on local taxes and transportation cost.
The deadly cocktail of high oil prices and the depreciating rupee has made imports costlier and led to a surge in fuel prices.
Price of Brent crude, the benchmark for half the world's oil including India's, was hovering around USD 80 per barrel while rupee traded at 72.8112 to a US dollar Tuesday, nearing a record low of 72.9138 touched last week.
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