Tuesday, 25 September, 2018

Petrol, diesel prices hit fresh high, go up for 10th consecutive day

Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai
Kenneth Drake | 04 September, 2018, 12:34

In Kolkata, a litre of petrol cost Rs. 82.06, while in Chennai it was priced at Rs. 82.24.

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

Diesel can be purchased at a price of Rs 75.74 per litre in Mumbai today. There are reports that the devaluation of the Indian rupee against the U.S. dollar and hike in crude oil price in the global market could be the two reasons behind the persistent fuel price hike.

The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged.

Meanwhile, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan last week blamed the "isolated" policies of the USA for the "abnormally" rising fuel prices in the worldwide markets. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the USA, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue. 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. There is a pressure on oil prices due to decrease in production. "Secondly, global currencies have weakened against the U.S. dollar".


"Dear Modiji, please show some kindness on a festival day.Your jumlas are not taxed, but when will you reduce the tax on petrol-diesel?"

Trend of diesel prices since the beginning August. It has started cutting production just a month after agreeing to increase the output. All these factors will be discussed.

This takes the worldwide price of crude oil and the value of the rand against the dollar into account.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country.

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