Petrol and Diesel Prices Hike: The petrol and diesel prices on Thursday hiked yet again as the oil marketing companies (OMCs) revised their rates. The development comes at a time when fuel rates have been witnessing a rise in the last few days.
Petrol is an inch closer to the Rs 100-mark in Mumbai following the hike in petrol and diesel prices.
According to the oil marketing companies, the petrol price has been hiked by 24 paise per litre while diesel price has increased by 29 paise a litre in the national capital. It was the 14th hike this month that led to the fuel prices to record-high levels across the country.
Petrol, Diesel Prices Today
With the latest hike, the petrol price in Delhi has reached Rs 93.68 per litre while diesel is at Rs 84.61 per litre. In Mumbai, the petrol price has reached Rs 99.94 a litre while diesel is at Rs 91.87 per litre.
The fuel prices had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. With the latest development, the price in Mumbai is an inch closer to that level.
Why are petrol and diesel prices constantly on the rise?
The fuel prices vary from state to state on the basis of local taxes including Value Added Tax and freight charges. Rajasthan levies the highest VAT on petrol in the country, followed by Madhya Pradesh and Maharashtra.
Meanwhile, the excise tax levied by the Central government and state government is one of the reasons behind the fuel price hike.
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