New Delhi: Petrol price was increased Sunday by 24 paise per litre and diesel by 27 paise. The new hike pushed rates across India to record highs and that of petrol in Mumbai to near Rs 99 a litre. The increase led to rates in Delhi climbing to Rs 92.58 per litre and diesel to Rs 83.22, according to a price notification of state-owned fuel retailers. Petrol rates had already crossed Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. With the latest increase, price in Mumbai too was inching towards that level. A litre of petrol in Mumbai now comes for Rs 98.88 and diesel is priced at Rs 90.40 per litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in India, followed by Madhya Pradesh and Maharashtra.
This is the ninth increase in prices since May 4. State-owned oil firms ended an 18-hiatus in rate revision they observed during Assembly elections in states like West Bengal. In nine increases, petrol price has risen by Rs 2.19 per litre and diesel by Rs 2.49.
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Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 103.52 per litre and Rs 95.99 a litre, respectively.
Since March last year when the government raised excise duty on fuel to an all-time high, petrol price has increased by a record Rs 22.99 per litre (after accounting for a handful of occasions when rates fell) and diesel by Rs 20.93.
Oil companies, which have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally April 15. This coincided with electioneering hitting a peak to elect new governments in five states including West Bengal.
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trend in international oil markets.