New Delhi: Fuel prices were yet again hiked on Friday, thus reaching new record highs, with price of petrol breaching Rs 102 per litre level in Mumbai.
On Friday Petrol price was increased by 25-29 paise per litre and diesel by 27-30 paise a litre, according to a price notification of state-owned fuel retailers. In Delhi, petrol hit an all-time high of Rs 95.85 a litre, while diesel is now priced at Rs 86.75 per litre.
The hike – 23rd since May 4 and 6th time in the month of June- took fuel prices across the country to a historic high. Petrol is now above Rs 100 per litre mark in six states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Here is looking at the price difference of diesel and petrol in four metro cities on June 11, 2021.
Check petrol, diesel prices in your city, here is how to do it
In India, petrol and diesel prices are revised daily in the morning at 6 AM. Anyone can easily check the rate of petrol and diesel by sending an SMS to 9224992249. All you need to is type RSP <space> Petrol Pump Dealer Code and send it to 9224992249. You can find the RSP code of your locality by visiting the official site of the petrol pump near you.
But why are fuel prices constantly on the rise?
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
The excise tax levied by the Central and state government one of the reasons behind fuel price hike.
Fuel rates in the international market determine the rates of oil prices in India. When global fuel prices go up, OMCs hike prices in the country.