Marking the 16th rise in fuel prices within 30 days, petrol prices were hiked by 28-29 paise & diesel prices were raised by 26-28 paise on Monday. Petrol prices are now up by Rs 3.83 & diesel by Rs 4.42/litre since May 3 when the hikes started.
Prices at the pump are at a record high across the country with petrol above the Rs 100 mark in many cities including the financial capital Mumbai.
Over 60% of the price of fuel is due to taxes imposed on petrol and diesel by state and central govt which includes, VAT, Excise Duty, Freight Levy and Dealer Commission. Ex-the overhead taxations the basic cost of fuel is just Rs 34/litre.