Diesel prices hit all-time high; petrol Rs 78.05/litre in Delhi

Fuel prices continued to rise today, with diesel prices soaring to fresh record levels across metros and petrol crossing the Rs 78-per-litre mark in the national capital. The price hike is attributed to rise in the cost of crude oil and high excise duty levied on transportation fuel in the country. 

In Delhi today, petrol prices crossed Rs 78 per litre mark for the first time in more than two-and-half-months, and diesel also continued to scale new highs.

According to price notification of state-owned fuel retailers, petrol price was hiked by 14 paise and diesel by 15 paise. The increase pushed up the petrol price past Rs 78 for the first time since June 3, and it now costs Rs 78.05 a litre in Delhi. In Mumbai, however, petrol is priced at Rs 85.47.

Similarly, Diesel rates also scaled a new high of Rs 69.61 per litre. In Mumbai, it costs Rs 73.90, while Delhi witnessed the cheapest price in all metros and most of state capitals due to lower sales tax or VAT.

Diesel prices hit their highest level, crossing the previous peak of Rs 69.31 a litre reached on May 29. 

However, petrol rates are lower than the peak hit on May 29 when the product touched Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic currency hit a record low of 70.32 in early trade that day.

In past 13 days, petrol price in the national capital has risen by Rs 0.91 a litre, while Diesel rates have gone up by Rs 0.89 per litre since then.

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Notably, state-owned oil firms in mid-June last year had dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.