Diesel Hits Record High Of Rs. 69.46 Per Litre, Petrol Dawdles Towards 78 Mark
New Delhi: Diesel price on Monday touched a record high of Rs 69.46 per litre in Delhi and Rs 73.74 per litre in Mumbai while petrol inched towards the Rs 78 mark. At present, petrol in Delhi is being sold at Rs 77.91 per litre and at Rs 85.33 in Mumbai.The prices of petrol and diesel have been increased by about 14 paise and 13 paise respectively, as per the price notification of state-owned fuel retailers.
The prices of both the fuels had previously hit a record high on May 29 when diesel rose to Rs 69.31 per litre and petrol went up to Rs. 77.91 per litre in the national capital.
Trade analysts have opined that fuel prices have surging upwards since August 16 after the Indian rupee hit its record low against the US dollar.
Among all metro cities, fuel sells cheapest in Delhi due to lower sales tax/VAT (value added tax). Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.
Notably, the central government had raised excise duty on petrol by Rs 11.77 a litre and on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to boost up finances as global oil prices fell, but then cut the tax just by Rs 2 a litre in October last year.