Wednesday, 14 November, 2018

Fuel price will rise next month despite government intervention

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
Cristina Norman | 04 September, 2018, 12:36

Diesel can be purchased at a price of Rs 75.74 per litre in Mumbai today.

Last time petrol prices touched an all-time high on May 29, 2018 at Rs 78.43 per litre and Rs 81.06 per litre, Rs 86.24 and Rs 81.43 in Delhi, Kolkata, Mumbai and Chennai, respectively. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday.

31 a litre, while diesel price has been increased to ₹71.34 a litre, which is also at a record high, according to the daily price notification issued by Oil Marketing Companies (OMCs).

In Mumbai, the petrol was being sold at Rs 86.56/litre, up by Rs 0.31/litre - the highest ever for any metro city. 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.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the United States dollar.

Energy minister Jeff Radebe said on Monday that fuel prices will not increase next month‚ but it will nevertheless rise by 4.9c/l. Petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre. "The situation in Iran has also made situation tensed and they are also a factor for the hike in fuel prices", he said. "Centre and states must act together and bring petrol and diesel under GST", he added. "Secondly, global currencies have weakened against the United States dollar", he had said.

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

Pradhan said that the government was planning to put diplomatic pressure. Oil company officials said price rise over two weeks has been mainly due to fluctuations in the rates of global crude and a further weakening of the rupee vis-a-vis the dollar.

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