Diesel price on Sunday hit a fresh record high after rates were hiked by 60 paise per litre while petrol price was up 35 paise, taking the cumulative increase in rates in 15 days to Rs 8.88 a litre and Rs 7.97 respectively. Petrol price in Delhi was hiked to Rs 79.23 per litre from Rs 78.88, while diesel rates were increased to Rs 78.27 a litre from Rs 77.67, according to a price notification of state oil marketing companies. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

Taxes make up for nearly two-thirds of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes -- Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT. Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT. Petrol in Mumbai costs Rs 86.04 per litre and diesel is priced at Rs 76.69. The 15th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high. Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs 84 a litre in Delhi.