Petrol and diesel prices across the country have increased again on Sunday after a day’s gap. With the latest hike, fuel prices across India have scaled new heights. This was the 34th hike in fuel prices since May 4.
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Petrol price on Sunday was hiked by a steep 35 paise per litre and diesel price was increased by 18 paise a litre. With this latest price hike, per litre petrol and diesel prices in Delhi hit an all-time high of ₹99.51 and ₹89.36 respectively.
In Mumbai, the petrol price has reached a new height of ₹105.58 per litre on Sunday. Diesel price too increased in the country’s business capital by 19 paisa per litre to reach ₹96.91 a litre, highest among the metro cities in the country.
Petrol and diesel in Chennai are priced at ₹100.44 and ₹93.91 per litre respectively. In Kolkata, petrol and diesel are selling at ₹99.45 and ₹92.27 per litre respectively.
The hike on Sunday is the 34th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 34 hikes, the price of petrol has risen by ₹9.11 per litre. Diesel rates have soared by ₹8.63 a litre.
Fuel prices have been increasing incessantly for the last few months since February. In between, there was an 18-day hiatus during the state assembly elections. The fuel prices have increased on the back of the fluctuations in the global crude oil prices and foreign exchange rates. But, the most impacting factor has been the high rate of tax.
The retail fuel rates in India comprises different components including freight charges, excise duty, variable VAT rates by state governments, dealer commission etc.