Fuel Hike: Petrol, Diesel Prices At Historic High

The combined effects of rising benchmark Brent prices and several tax hikes over the last few years have pushed up fuel expenses to present levels.

Petrol prices were boosted again on June 29 by 31 to 35 paise and diesel prices by 26 to 30 paise, bringing gasoline costs across the country to an all-time high, according to a price statement by state-owned fuel merchants.

This is the 32nd hike in less than two months, that pushed petrol prices in Delhi closer to Rs 99 per litre on the day, while diesel prices surpassed Rs 89 per litre. In the national capital, a litre of fuel and diesel now costs Rs 98.81 and Rs 89.18, respectively.

On May 29, the city became the first metro in the country to sell petrol for more than Rs 100 per litre. Petrol prices in Mumbai reached an all-time high of Rs 104.90 per litre, up 34 paise from the previous day's price of Rs 104.56 per litre.

The cost of petrol and diesel in Chennai has increased by 31 paise and 26 paise, respectively.

The recent hike in Kolkata boosted the price of fuel to Rs 98.64 per litre, up 34 paise from the previous day's price of Rs 98.30 per litre. In the city, the price of diesel increased by 28 paise to Rs 92.03 a litre.

The impact of municipal taxes such as VAT and freight costs on fuel prices varies from state to state. Rajasthan has the country's highest VAT on gasoline and fuel.