Petrol, diesel prices hiked for 2nd consecutive day after hitting ₹100 mark

New Delhi: Fuel prices in India doesn’t seem to stop rising any time soon as the rates were once again hiked for the second straight day on Thursday after already breaching the ₹100-mark in all metro cities.

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In the sixth hike of this month, petrol got costlier by 35 paise in the national capital, while diesel rose by 9 paise, according to price notification by the oil retailers.

The latest revision has taken the cost of petrol to ₹100.56 per litre in Delhi while diesel is currently at ₹89.62. In Mumbai, petrol is being sold at ₹106.59 per litre, whereas diesel has reached ₹97.18 per litre.

The national capital had on Wednesday become the last of the metro cities to see auto fuel rising above the ₹100-a-litre mark. It has crossed the psychological mark in at least 10 state capitals so far.

Bhopal had in May become the first city to breach the ₹100-mark in petrol prices. It was followed by Jaipur, Mumbai, Hyderabad and Bengaluru.

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Patna and Thiruvananthapuram saw petrol retailing above ₹100 in the last week of June whereas Chennai and Bhubaneshwar joined the list in the first week of July. Kolkata also saw petrol prices climbing over ₹100 per litre on Wednesday.

Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.

As much as 55% of the retail selling price of petrol in Delhi is made up of taxes ( ₹32.90 a litre excise duty collected by the central government and ₹22.80 VAT levied by the state government).

Half of the diesel price is made up of taxes ( ₹31.80 central excise and ₹13.04 state VAT).

Here are the latest rates in big cities:

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Thursday’s was the 38th hike in fuel prices since 4 May, when oil companies revised the rates after observing an 18-day hiatus during assembly elections in five states and a UT.

Since then, the price of petrol has risen by ₹10.16 per litre and diesel by ₹8.83 a litre.

The rally in domestic prices is said to be on the back of international Brent crude rates as India is dependent upon imports for 85% of its oil needs.