Oil marketing companies once again hiked the prices of petrol and diesel on Sunday, which took the fuels to fresh record highs. While the price of petrol was hiked by 17 paise a litre, the retail price of diesel went up by a sharp 29 paise a litre.

                                            


After the latest hike - 12th this month - the petrol price reached 93.21 a litre and diesel was retailing at 84.07 in national capital Delhi.

In Mumbai, petrol price has reached 99.49 a litre and diesel price went up to 91.30 per litre. In Chennai, petrol is being sold at 94.86 a litre, while diesel at 88.87 per litre.

The prices of the two fuels in Kolkata are: petrol at 93.27 per litre and diesel at 86.91 a litre.

There was no hike in prices on Saturday.

Rates had already crossed the 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, the price in Mumbai too is inching towards that level.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.

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

This is the 12th increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.