In what is terrible news for vehicle owners across the country, according to an India Today report, the price of diesel has reached its highest ever due to the falling rupee amongst several other factors. While diesel has reached its costliest mark, the price of petrol is on its way as well after a 13 paise hike.
Following a 14 paise hike, according to the report, the price of diesel is currently Rs.73.74 per liter in Mumbai and Rs.69.46 per liter in Delhi. The price of diesel was at its highest on 29 May 2018 at Rs.69.31 in Delhi, but this unfavorable record has been broken following the hike. With regard to the price of petrol, currently it is priced at Rs.85.33 per liter in Mumbai and Rs.79.91 per liter in Delhi.
According to a number of reports, the hike in fuel prices is due to the fall of the rupee against the dollar, and due to disruption of supply from certain countries in Africa, as well as Iran and Venezuela. When it comes to the VAT (Value Added Tax) on fuel, according to the report, Mumbai imposes the highest VAT of over 39% on petrol and Telangana imposes the highest VAT for diesel at 26%.
Source: India Today