The price of petrol and diesel touched a record high in Delhi on Wednesday after oil marketing companies increased the prices by 25 paise, reported News18. While petrol cost Rs 86.30 per litre in the national Capital, diesel was priced at Rs 76.48 a litre.
In Mumbai, the price of petrol and diesel went up by 24 paise and 27 paise, respectively. Diesel touched a high of Rs 83.30 a litre, while the price of petrol was 92.86 per litre in the Maharashtra capital.
Petrol prices have been hiked Rs 2.59 a litre and diesel by Rs 2.61 a litre in Delhi so far, according to NDTV. In Mumbai, petrol prices have increased by Rs 2.52 and diesel by Rs 2.79 a litre in the month. Petrol price is the highest ever in Delhi, and diesel is at a record high in Mumbai.
The Ministry of Petroleum and Natural Gas had requested the Ministry of Finance to slash taxes after prices started rising in January. Taxes on petrol and diesel have been increased by Rs 13 and Rs 16, respectively, in the form of special additional excise duty and road and infrastructure cess in the current financial year.
The global crude oil prices have risen as Saudi Arabia, the world’s largest oil producer, has reduced its production. Oil marketing companies – Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum – align their fuel prices with global benchmarks by taking into account any changes in the foreign exchange rates.
Any changes in fuel prices are implemented with effect from 6 am every day. The rate of the fuel varies from state to state because of the value-added tax, or VAT.