In Mumbai, the prices of petrol and diesel on Sunday are Rs 87.89 per litre diesel Rs 77.09 per litre respectively. According to petroleum dealers in the State, compared to Friday's price, petrol on Saturday cost 41 paise more while diesel price rose 48 paise a litre. The petrol price in Mumbai continues to inch closer to Rs 90.
In Delhi, it was for the first time ever as fuel prices continued a record-setting run precipitated by a fall in the value of the rupee and rising global crude oil prices. Diesel prices increased by 10 paise per litre to Rs 72.61 per litre in the national capital.
Nearly half of the retail selling price of the two fuels is made up of central and state taxes.
On Saturday, Shiv Sena, the Bharatiya Janata Party's ally in Maharashtra, put up posters protesting against fuel price hike in Mumbai.
Nationwide strikes have been announced by the opposition parties across the country next week over record-high fuel prices which they blame on high taxes imposed by the government.
The surge in fuel prices is largely attributed to the rise in crude oil prices and high excise duty in the country. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying worldwide oil prices are volatile and have not shown any linear movement.
Nearly half of the retail selling price of the two fuel is made up of central and state taxes.
Implication wise, the rise in diesel prices is expected to flare up the inflationary pressure as the fuel is primarily used to transport the majority of goods including agriculture products. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.
Similarly, the price build-up of diesel in Delhi as of Monday includes excise duty of ₹ 15.33, dealer commission of ₹ 2.51, and Value-Added Tax of ₹ 10.46 (including Value-Added Tax on dealer commission).
This led to its excise collections from petro goods more than doubling in the last four years - from ₹99,184 crore in 2014-15 to ₹2,29,019 crore in 2017-18.