Fuel prices resumed its northward march with petrol being sold at Rs 79.99 per litre in the national capital on Friday breaking all previous record highs.
The surge in fuel prices almost every day is largely due to a combination of high excise duty in the country and rise in crude oil rates.
According to Indian Oil Corp (IOC) data as on 3rd September, petrol is charged at Rs 39.21 per litre to dealers in Delhi. On top of that, the government levies Rs 39.94 in taxes which includes Rs 19.48 on Excise Duty, Rs 3.63 on Dealer Commission and Rs 16.83 on VAT (including VAT on Dealer Commission), pushing the fuel's Retail Selling Price to Rs 79.15 per litre in the national capital.
On the other hand, petrol is being sold at Rs 87.39 per litre, and diesel at Rs.76.51 per litre in Mumbai.
The chart clearly shows the price buildup of petrol at Delhi: