Diesel price on Sunday hit a fresh record high after rates were hiked by 60 paise per litre while petrol price was up 35 paise, taking the cumulative increase in rates in 15 days to Rs 8.88 a litre and Rs 7.97 respectively.
Petrol price in Delhi was hiked to Rs 79.23 per litre from Rs 78.88, while diesel rates were increased to Rs 78.27 a litre from Rs 77.67, according to a price notification of state oil marketing companies.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Taxes make up for nearly two-thirds of the retail selling price.
As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes – Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.
