After crossing the 90-mark earlier this week, rates of petrol were again hiked by 22 paise in Mumbai.
Fuel prices continued to surge on Friday. The price of petrol was hiked by 22 paise per litre in Delhi and diesel rates were hiked by 18 paise per litre in Mumbai. The revised rates of petrol and diesel in Delhi stood at Rs 83.22/litre and Rs 74.42/litre respectively.
On the other hand, after crossing the 90-mark earlier this week, rates of petrol were again hiked by 22 paise in Mumbai. The revised rates of petrol and diesel in the financial capital stood at Rs 90.57/litre and Rs 79.01/litre respectively.
Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or VAT.
According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealer's commission, is Rs 42.04 per litre. The same for diesel is Rs 45.34.
Retail rates are arrived at after adding excise duty, which is charged by the Central government, commission paid to petrol pumps dealers and VAT, charged by the state governments.
Dealer's commission on petrol currently is Rs 3.66 per litre and that on diesel is Rs 2.52.
Since mid-August, the petrol price has risen by Rs 5.58 a litre and diesel by Rs 5.3 - the most in any month since the daily price revision was introduced in mid-June last year.
The spiraling fuel prices have severely affected the household budget of the common man and Opposition has also been targeting the government over the issue. However, the BJP-led NDA government remains non-committal over slashing the rates.
The Centre currently levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) -- the lowest being in Andaman and Nicobar Islands where 6 per cent sales tax is charged on both the fuels.
