Markets News

Petrol and Diesel prices hit the highest record

On Tuesday, petrol and diesel prices touched a new high after state-owned fuel retailers hiked rates.

This is after keeping the prices unchanged for two days in a row.

Petrol and diesel prices up surged 34-38 paise per litre as per data from oil marketing companies.

In the national capital, petrol now costs Rs 90.93 per litre and diesel is priced at Rs 81.32.

Meanwhile, in Mumbai, petrol comes for Rs 97.34 a litre and diesel for Rs 88.44.

However, Petrol price have hiked past the Rs 100-mark in some places in Rajasthan and Madhya Pradesh, which levy the highest VAT on the fuel.

However, Bengal has cut taxes by one rupee on both petrol and diesel.

Chennai automobile owners doled out Rs 92.90 per litre and Rs 86.31 per litre of petrol and diesel.

Meghalaya recorded the highest relief among states that have cut taxes in the range of Rs 7.10 per litre on diesel and Rs 7.40 per litre on petrol.

This is followed by Assam which has cut Rs 5 additional tax on fuel.

In January, Rajasthan became the first state to cut 2 percent VAT.

Further, Kolkata saw prices reach Rs 91.12 per litre for petrol, a decline of 66 paise from price of Rs. 91.78 on Monday.

Moreover, Nagaland became the fifth state with a tax reduction on fuel after Rajasthan, Meghalaya, Assam and West Bengal.

On the global front, oil prices jumped by more than $1 on Tuesday.

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