Petrol and diesel prices in several cities hit a new peak, as surging crude prices and a falling rupee, pushed prices higher in most cities
Petrol price in New Delhi hit a new peak of Rs. 76.24 per litre and diesel jumped to a historic high of Rs 67.57 as government owned oil marketing companies passed on a hike in global prices onto consumers.
In several states, it ay not be a peak, because these states may have lowered the value added tax on petrol and diesel.
Petrol prices in Bangalore and diesel prices are even cheaper, given the fact that VAT has been lower in the state. Goa, boasts of one of the lowest rates for petrol and diesel.
In India, petrol is the costliest in Mumbai where high local taxes has led a price of Rs. 84.07 per litre. Petrol has breached Rs. 80 mark in Bhopal (Rs. 81.83 a litre), Patna (Rs. 81.73), Hyderabad (Rs. 80.76) and Srinagar (Rs. 80.35), according to the price notification.
Meanwhile, the country is overly dependent on crude oil prices, as we import almost 70 per cent of our crude requirements. Rising crude prices globally, is never good news for India.