Fuel prices in the country hit a new benchmark on Monday with petrol and diesel prices hiked by 15 paise and 6 paise per litre respectively. Petrol in Mumbai now costs Rs 89.44 per litre and diesel is priced at Rs 78.33 a litre. In Delhi, petrol is retailed at Rs 82.06 per litre and diesel at Rs 78.33 a litre. Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or value-added tax (VAT).
Transportation fuel prices have been on the rise for over a month now on the back of high crude oil prices and a weak rupee. Depreciation in the rupee against the US dollar makes the import of crude oil dearer as the transaction takes place with dollars. The Brent crude oil is currently priced over $78 per barrel.
