Petrol prices up by 30 paise, diesel by 35 paise; here's what fuel costs in Mumbai, Delhi, Chennai today

Petrol and Diesel prices continue to rise across the country as on Tuesday, 16 February. According to a report by The Indian Express, petrol prices was hiked by 30 paise per litre and diesel saw its price increase by 35 paise. In Delhi alone, petrol prices touched Rs 89.29 a litre, while diesel is selling at Rs 79.70. Similarly in Mumbai, petrol prices touched Rs 95.75 a litre, while diesel was up to Rs 86.72. Rajasthan, which levies the highest VAT on fuel in the county had the highest petrol and diesel prices. Despite cutting VAT on petrol and diesel by 2 percent last month, the state has the highest VAT at 36 percent plus Rs 1,500 per kilolitre road cess on petrol.

According to a report in Business Standard, fuel prices, which vary from state to state depending on local state taxes or VAT are now at a record high in the county. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. Subsequently, on 16 February, in Chennai, petrol reached Rs 91.45, while diesel is selling at Rs 84.77. Similarly, in Bangalore, petrol and diesel prices became Rs 92.28 and Rs 84.49 while in Kolkata, petrol prices reached Rs 90.54 per litre. According to earlier reports , the development comes amidst Petroleum and Natural Gas Minister Dharmendra Pradhan stating in a reply in Rajya Sabha that the government was not looking at cutting taxes on petrol and diesel. According to the Business Standard report, the upward trajectory on fuel prices, however, may soon end, with experts opining that fresh lockdown in various parts of the globe on new coronavirus strain may impact demand and push down prices.