Diesel prices hit a record new high in four metros across the country on Thursday. Oil Marketing Companies (OMCs) marginally increased the prices of both petrol and diesel today. The rates were also increased on Wednesday. The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country. Fuel rates have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a new record low of 70.82 today.
Diesel can be purchased today at Rs. 69.93 per litre in Delhi. Diesel can be bought at Rs. 74.24 per litre in Mumbai, Rs. 72.78 per litre in Kolkata and Rs. 73.88 per litre in Chennai, according to daily price notification issued by state-owned oil firms.
Petrol is retailing at a price of Rs. 78.30 per litre in Delhi today. In Mumbai, petrol is retailing at Rs.85.72 per litre in Mumbai. Petrol is priced at Rs. 81.23 per litre in Kolkata and Rs. 81.35 per litre in Chennai. The revised rates are applicable from 6 am on August 30, 2018. Fuel is cheapest in Delhi among all metros and most state capitals due to lower sales tax or VAT (Value Added Tax).
Diesel prices this week hit their highest level, crossing the previous peak of Rs 69.31 a litre reached on May 29. Petrol rates are however yet to hit the new record high of May 29, when they touched Rs 78.43 a litre in Delhi.
With petrol and diesel prices going up by almost a rupee per litre within a fortnight, the government on Wednesday hoped that the rally in global rates is temporary and they will decline soon, reported news agency Press Trust of India (PTI).
Globally, Oil prices inched up today, extending solid gains from the previous session on a fall in U.S. crude inventories and expected disruptions to supply from Iran and Venezuela. (With agencies inputs)