Petrol, Diesel Prices Hiked By 35 Paisa, 60 Paisa; Diesel Price Hits New Record High

Diesel rates on Sunday reached a new record high as prices were hiked by 60 paise per litre while petrol price was up 35 paise. This resulted in the cumulative increase in rates in 15 days to Rs. 8.88 a litre for diesel and Rs. 7.97 for petrol respectively.

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Fuel prices in Delhi now costs Rs. 79.23 a litre and Rs. 78.27 a litre for petrol and diesel respectively

Highlights

  • Petrol & diesel prices hiked by 35 paise per litre & 60 paise per litre
  • Diesel rate hits record high as fuel prices hiked for 15 days in a row
  • Petrol & diesel in Mumbai retails at Rs 86.04 a litre & Rs. 76.69 a litre

Petrol and diesel prices on Sunday, yet again, were revised as the two fuel products saw a hike of 35 paisa and 60 paisa respectively. The price of both the fuels were hiked for the 15th consecutive day. With the new rates coming into effect earlier this morning, the diesel price has hit a new record high, taking the cumulative increase in rates to ₹ 8.88 per litre in just 15 days. Moreover, the cumulative price of petrol stood at ₹ 7.97 a litre. The petrol rates in Delhi were increased to ₹ 79.23 per litre from Rs 78.88, while the diesel prices were hiked to Rs 78.27 a litre from Rs 77.67, as per the price notification received from the state oil marketing companies.

Also Read: India's May Crude Oil Imports Post Biggest Decline Since At Least 2005

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Taxes on the petroleum products make up for nearly two-thirds of the retail selling price

The rates in the petroleum products have been increased throughout the country. The prices vary from state to state which depends on the local sales tax or VAT. Notably, taxes on petrol and diesel comprise of nearly 64 per cent and 63 per cent of the retail selling price. Customers in Mumbai will have to pay ₹ 86.04 for a litre of petrol whereas diesel will cost them ₹ 76.69/litre

Petrol prices are also at a two-year high. Previously, the diesel rates were hiked on October 16, 2018, when prices touched ₹ 75.69 per litre in Delhi, while the highest-ever petrol price was recorded on October 4, 2018 clocking ₹ 84 a litre in the capital city.

The government hiked excise duty on petrol and diesel by Rs 3 per litre each earlier this year in March. The excise duty was again hiked on May 5 by a record ₹ 10 per litre on petrol and ₹ 13 per litre on diesel respectively. These two hikes in excise duty garnered the government with Rs 2 lakh crore as additional tax revenue.

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Petrol in Mumbai is priced at ₹ 86.04 per litre and diesel costs ₹ 76.69 per litre

Also Read: Petrol, Diesel Prices Hiked For 14th Straight Day In India

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Oil companies such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) adjusted the prices instead of passing on the excise duty hikes to customers. The companies took this step as a result of the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.

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