Petrol prices hit Rs81.17 a litre in Mumbai; diesel costs Rs68.30

The retail price of petrol shot up by 15 paise to Rs81.17 a litre in Mumbai – the highest since the Narendra Modi government assumed power - reaching new highs across cities today. The price of diesel in Mumbai was Rs68.30 per litre, 7 paise more than yesterday's.

In Delhi, the price of petrol was much lower at Rs73.31 per litre today while diesel was priced at Rs64.14 per litre.

In Kolkata and Chennai, petrol price was at Rs76 per litre and Rs76.04 per litre respectively while diesel was priced at Rs66.81 per litre and Rs67.65 per litre, respectively today.

Both petrol and diesel are priced higher in Mumbai, where the local sales tax or VAT rates are higher. The new rates are applicable from 6:00 am today (5 February 2018).

Petrol has risen by almost Rs4 per litre since mid-December, while diesel price jumped Rs5.77 a litre.

Finance minister Arun Jaitley had, in its budget proposals, lowered basic excise duty on petrol and diesel by Rs2 per litre each to Rs4.48 and Rs6.33 a litre, respectively,  but kept the total tax incidence unchanged, by slapping a new Rs8 per litre 'Levy of Road and Infrastructure Cess' on both petrol and diesel.

On Saturday, petrol price had gone down by 1 paise while diesel price had fallen slightly after a month of continuous increase. However, the prices of fuel were back on the rise on Sunday. On Monday, while diesel price reached another record high, petrol was at its highest since the Narendra Modi government came to power in 2014.