The petrol prices have gone up by over 5 per cent since August 1, while the diesel prices went up by 7 per cent in the same period.

Friday witnessed one more hike in the prices of petrol and diesel by State-owned oil marketing companies (OMCs).

While petrol costs ₹ 88.67 a litre in Mumbai , diesel is priced at ₹ 77.82, according to the daily price notification issued by the OMCs.

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In Delhi, the petrol price has been risen to a record ₹ 81.28 a litre, while diesel price increased to ₹ 73.30, which is also at a record high, but lowest among the four metros.

The petrol prices have gone up by over 5 per cent since August 1, while the diesel prices went up by 7 per cent in the same period.

The price build-ups

The price build-up of petrol in Delhi as on September 10, includes an excise duty of ₹ 19.48, dealer commission of ₹ 3.64 and VAT of ₹ 17.16 (including VAT on dealer commission).

In the case of diesel, it was an excise duty of ₹ 15.33, dealer commission of ₹ 2.52 and VAT of ₹ 10.70 (including VAT on dealer commission).

In Kolkata, the petrol price has been increased to ₹ 83.14, while the diesel price has gone up to ₹ 75.15. Similarly, petrol is being sold for ₹ 84.49 in Chennai and diesel at ₹ 77.49.

The fuel prices are likely to go up further as the price of Brent oil was still hovering over $ 78.5 a barrel.

India imports about 80% of its crude oil, and the falling rupee will make the imports costlier and lead to a rise in fuel prices.

In mid-June last year, the OMCs dumped the 15-year practice of revising rates on the first and 16th of every month.

India imported crude oil worth ₹ 2,640,30 crore (over $39 billion) between April and July 2018, according to data provided by the Petroleum Planning and Analysis Cell.