New Delhi, August 28: Amid soaring fuel prices, diesel prices hit record levels of Rs 69.61 per litre while petrol continued to inch towards Rs 78 a litre mark on Tuesday. On Tuesday, Petrol was being sold at a price of Rs. 78.05 per litre in Delhi, while in Mumbai it was sold at Rs. 85.47 per litre, in Kolkata it was priced at Rs. 80.98 per litre while it was sold at Rs. 81.09 per litre in Chennai. It must be noted that the domestic petrol and diesel prices are determined by global crude oil and rupee-dollar exchange rate.

Diesel can be purchased today (August 28) at Rs. 69.61 per litre in Delhi. Diesel is being sold at Rs. 73.90 per litre in Mumbai, Rs. 72.46 per litre in Kolkata and Rs. 73.54 per litre in Chennai. The revised rates are applicable from 6 am on August 28, 2018. Reports inform that a fall in rupee made imports costlier. After the rupee dipped to its lowest value against the US dollar on August 16, fuel prices have been on the rise.

According to price notification of state-owned fuel retailers, diesel price was hiked about 14 paise per litre and petrol by 13 paise on Monday. The diesel price soared to its highest ever level of Rs 69.46 a litre in Delhi while in Mumbai, the fuel was priced at Rs 73.74 a litre.

The domestic unit hit a record low of 70.32 in early trade that day. In the last 12 days, petrol price has risen by Rs 0.77 a litre in Delhi, while diesel rates have gone up by Rs 0.74 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.

According to an IANS report, the rise in prices of diesel gains significance as it is mostly used in the transportation of food and agricultural products and an increase in its price may lead to higher inflation. Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Diesel price had previously hit its highest level on May 29 when it reached Rs 69.31 a litre mark in Delhi.

According to a report by PTI, Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. In a bid to shore up finances as global oil prices fell, the central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016.

(The above story first appeared on LatestLY on Aug 28, 2018 10:53 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).