Petrol, diesel prices were hike once again on July 15 after a brief two-day pause. The increase, 40th since May 4, took fuel prices across the country to a fresh high.
Petrol prices were hiked by 34-35 paise per litre on July 15, while cost of diesel increased by 15-16 paise a litre. In Delhi, the price hike led to a litre of petrol retailing at 101.54 per litre and diesel at Rs 89.87.
Petrol now retails at an all-time high of Rs 107.54 per litre in Mumbai, while diesel costs Rs 97.45 in the financial capital.
Chennai also saw an increase in fuel prices with petrol rising to Rs 102.23 per litre and diesel for Rs 94.39.
In Kolkata, people have to shell out Rs 101.74 for a litre of petrol and Rs 93.02 for diesel following the price rise.
In Madhya Pradesh’s capital, the petrol price has inched closer to Rs 110 per litre. The fuel now costs Rs 109.89 a litre in Bhopal, while diesel retails at Rs 98.67.
With the latest revision of prices, petrol now costs Rs 112.90 per litre in Ganganagar, Rajasthan while diesel sells for Rs 103.15.
The hike on July 15 is the 40th increase in the price of petrol since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.
Petrol has crossed the Rs 100-a-litre mark in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, Sikkim, Puducherry and Delhi.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.