Even as crude oil rates have softened to multi-year lows, the price of both petrol and diesel have touched to record high levels. Following nine days of successive price hikes, fuel rates are now at their highest level in more than a year. The price of petrol was hiked by 46 paise a litre today while that of diesel by 59 paise a litre today.

Since June 7, when oil firms resumed daily revision of fuel prices following an 82-day-long break during lockdown, petrol price has gone up by Rs 4.98 a litre and diesel price is up by Rs 5.23 a litre.

Latest petrol, diesel prices in top cities:

1. New Delhi: Petrol Rs 76.26 Diesel Rs 74.62
2. Gurgaon: Petrol Rs 75.05. Diesel Rs 67.45
3. Mumbai: Petrol Rs 83.17. Diesel Rs 73.21
4. Chennai: Petrol Rs 79.96. Diesel Rs 72.69
5. Hyderabad: Petrol Rs 79.17. Diesel Rs 72.93
6. Bengaluru: Petrol Rs 78.73. Diesel Rs 70.95

These price levels were last seen in October-November 2018 when crude oil rates were at a record high. In India, the current spike in auto fuel rates can be attributed to the excise duty hike of Rs 10 per litre on petrol and Rs 13 per litre on diesel last month. Besides, several state governments had also hiked VAT or cess on fuel but its impact was immediately passed on to customers.

As around 70 per cent of the retail price of fuel comprises taxes (excise duties, VAT, cess, etc), the Congress has demanded that the recent hike in excise duty should be rolled back and petroleum goods be brought under the ambit of goods and services tax (GST).

Read EquityPandit’s Nifty Outlook for the Week