Fuel rates have been hiked again after petrol and diesel prices remained unchanged on Monday. On Tuesday, the price of petrol was hiked by 27 paise a litre and diesel rates were raised by 29 paise per litre--record high.
In the capital, a litre of petrol is now retailing at Rs 92.85 and disel at Rs 83.51. In Mumbai, petrol price has surged to Rs 99.14 and diesel to Rs 90.71 a litre each. The fuel rates are currently the highest in Mumbai, among all the metros.
In Kolkata, a litre of petrol is Rs 92.92 and diesel Rs 86.35 while in Chennai a litre of petrol costs Rs 94.69 and diesel is available at Rs 88.48.
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 an unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on 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 the firming trend in international oil markets.
Central and state taxes make up for 60 percent of the retail selling price of petrol and over 54 percent of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
(With inputs from agencies)