Thursday, 20 September, 2018

Energy department intervenes to keep petrol price increase down

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 hit all-time high, petrol Rs 86.56 per litre in Mumbai
Scott Davis | 04 September, 2018, 12:33

The petrol, diesel prices have continued to surg in a row for the ninth consecutive day on Monday. A litre of petrol costs maximum in Mumbai where it is available at Rs 86.56.

The department said the sustained hikes in fuel prices over the past few months have placed a strain on consumers. Also, watch interviews of top CEOs. OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far.

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

Diesel can be purchased today at a price of Rs 75.74 per litre in Mumbai, Rs. 75.39 per litre in Chennai and Rs. 74.19 per litre in Kolkata. Petrol prices increased by Rs 0.31 per litre and touched Rs 79.15 per litre in Delhi.

"Apart from that, crises in countries like Venezuela and Iran are increasing".

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017.




The prices of CNG and piped natural gas (PNG) were also hiked in metro cities since the price of gas procured by city distributors is mostly dollar-denominated.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. There is a pressure on oil prices due to decrease in production.

Petrol and diesel in Kolkata will now cost an additional 16 paise/litre and 19 paise/litre, respectively. "Secondly, global currencies have weakened against the U.S. dollar", he said.

Delhi chief minister Arvind Kejriwal on Monday said the government had made a "mess" of the economy.

India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

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