New Delhi: Petrol and diesel prices witnessed a fresh hike on Monday. Petrol price in Delhi was hiked to Rs 79.56 per litre from 79.23 (increase by Rs 0.33), while diesel rates were increased to Rs 78.85 a litre from Rs 78.27 (increase by Rs 0.58). Notably, rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT. Also Read - Diesel Extends Gains Over Petrol in Delhi
Check Petrol prices in other cities Also Read - 'Going Through Tough Time Due to COVID': Petroleum Minister Says Fuel Price Rise Due to Pandemic
The 16th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high. Also Read - Petrol, Diesel Price Today: Crude Oil Rates in Delhi Hike Again After Single-day Freeze
Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs 84 a litre in Delhi.
When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.
Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.
The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.