Petrol, diesel prices surge to record-high levels; here's how much you need to pay today

The oil marketing companies (OMCs) hiked petrol and diesel prices on Thursday after keeping them stable for two consecutive days. Petrol price was hiked by up to 35 paise a litre and diesel by up to 37 paise, according to a price notification of state-owned fuel retailers.

This sent the petrol price in Delhi to its highest-ever level of Rs 104.79 a litre and to Rs 110.75 in Mumbai. Diesel rates too touched a record high of Rs 93.52 in Delhi and Rs 101.40 in Mumbai.

Prices differ from state to state depending on the incidence of local taxes.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Meanwhile, Kerala Finance Minister K N Balagopal on Wednesday said inclusion of petroleum products under the GST (goods and services tax) would not help reduce fuel prices and that prices would go down only if the Centre foregoes the cess on petrol and diesel. To counter the claim that the inclusion of petrol and diesel under the GST would bring fuel prices down, the Minister cited the rising prices of gas, which is already under the GST.

While replying to a call attention motion moved by senior Congress MLA Thiruvanchoor Radhakrishnan in the State Assembly, Balagopal blamed the Central government's decision in 2014 that allowed oil companies to determine the price of petrol and diesel. His comments come against the backdrop of petrol and diesel prices touching an all-time high, according to news agency PTI.