Prices of petrol and diesel were hiked on Tuesday across metros, touching a record high in the country. The price of petrol was increased by 25 paise in Delhi and stands at Rs 102.64 per litre. The price in Mumbai is Rs 108.67 per litre, which is an increase of 24 paise.
Kolkata saw the highest surge of 29 paise, which is retailing petrol at the rate of Rs 103.36 per litre while in Chennai the revised price of petrol is Rs 100.23.
Similarly, the price of diesel was hiked by nearly 30 paise. As of Saturday, diesel will be available for Rs 91.07 per litre in the national capital. In Mumbai, the price of diesel is Rs 98.80, in Kolkata, it is Rs 94.17 per litre and in Chennai, it is selling at Rs 95.59 per litre.
The fuel rates vary from state to state and also in cities, depending on the incidence of local taxes like value-added tax (VAT) and freight charges. According to reports, Rajasthan levies the highest VAT in the country, followed by Maharashtra and Madhya Pradesh.
International crude oil prices have reached a nearly three-year high as global output disruptions have forced energy companies to draw more crude oil out of their stockpiles. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.