New Delhi: Petrol and diesel prices were hiked by 25 paise and 35 paise respectively in the national capital on Tuesday. The petrol and diesel prices now stands at Rs 90.83 and Rs 81.32 in Delhi.
So far this month, the pump prices of petrol and diesel have increased by about Rs 4.36 per litre and Rs 4.84 per litre respectively.
Seeing the exorbitant rates, four states had introduced tax relaxation on petrol and diesel prices on Monday. These states are West Bengal, Rajasthan, Assam and Meghalaya.
As per the benchmark international price and foreign exchange rates, the pump prices of petrol and diesel are revised on a daily basis as per benchmark international price and foreign exchange rates.
The central and state taxes make up for over 61 per cent of pump petrol price while they constitute more than 56 per cent of diesel rates.
Talking about the recent upsurge, Oil Minister Dharmendra Pradhan on Sunday said that there are two main reasons behind the fuel price hike. He said that the international market has cut fuel production and manufacturing countries were producing less fuel to gain more profit. This is making the consumer countries suffer.