In a first, diesel costs more than petrol in Delhi after 18th hike in as many days

A litre of diesel in the national capital now costs more than petrol for the first time in history.

Petrol prices were left unchanged but diesel prices saw a hike of 48 paise per litre on Wednesday which is the 18th hike in the fuel's prices in 18 days after a 12-week pause earlier.

A series of disproportionate hikes in petrol and diesel prices has led to the closing of the gap in cost of a litre of petrol versus diesel across the country.

As per government data, the gap between the two vehicular fuels was the widest in June 2012 when the difference was as much as Rs 30.25 in the national capital and Rs 31.17 in India's financial capital Mumbai.

The difference in petrol and diesel prices largely boils down to what state and central taxes apply on the fuel.

Delhi government in May raised Value Added Tax on fuel prices. While petrol prices saw a rise of 3 percent VAT, diesel prices saw almost doubling of tax rate with a hike of 13.25 percent.