Fuel price hike: Petrol, diesel prices again breach record levels

04 September, 2018, 12:33 | Author: Natasha Holloway
  • Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the U.S. dollar. In Maharashtra, the price of petrol was highest in Nanded (Rs 88.05 per litre on Monday) and this was due to tax, mainly VAT, components, which are higher there.

Fuel prices will be rising once more this morning, with the price of diesel suffering its biggest increase since May.

Diesel is priced at Rs 71.34 in Delhi, Rs 74.19 in Kolkata, Rs 75.74 in Mumbai and Rs 75.39 in Chennai.

In Delhi, the petrol price is at Rs 79.15/litre (increase by Rs 0.31/litre) and diesel at Rs 71.15/litre (increase by Rs 0.39/litre). After the hike on Tuesday, the total increase in petrol prices is around Rs 2.50 per litre, while for diesel it has crossed Rs 3 per litre in last one month.

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In the national capital, prices of petrol and diesel surged 16 paise/litre and 19 paise/litre, respectively. This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to United States dollars 100. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the United States, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue. The price of diesel, paraffin and LP gas will remain unchanged. "Secondly, global currencies have weakened against the U.S. dollar", he said.

Pradhan said that the government was planning to put diplomatic pressure.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the USA sanctions on Iran and Saudi Arabia's decision to cut oil production.

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