Petrol crosses Rs 78, diesel rates at new high

Petrol prices on Tuesday crossed the Rs 78 per litre mark in Delhi for the first time in more than two-and-half-months, while diesel continued to scale new highs.

Petrol price was hiked by 14 paise and diesel by 15 paise, according to price notification of state-owned fuel retailers.

The increase pushed up the petrol price past Rs 78 for the first time since June 3. It now costs Rs 78.05 a litre in Delhi. In Mumbai, it is at Rs 85.47.

Diesel rates scaled a new high of Rs 69.61 per litre. In Mumbai, it costs Rs 73.90.

Fuel prices in Delhi are the cheapest in all metros and most of the state capitals due to lower sales tax or VAT.

Diesel prices hit their highest level, crossing the previous peak of Rs 69.31 a litre reached on May 29.

Petrol rates are however lower than the peak hit on May 29 when they touched Rs Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.32 in early trade that day.

Petrol price has risen by Rs 0.91 a litre in Delhi in last 13 days. Diesel rates have gone up by Rs 0.89 per litre since then.

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.