Wednesday, 26 September, 2018

Petrol, Diesel Prices Hit Record Levels, Rates Rise For Tenth Straight 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
Lindsey Cook | 04 September, 2018, 12:35

On Monday, the key transportation fuel was sold at Rs 71.15, Rs 74, Rs 75.19 and Rs 75.54 per litre in Delhi, Kolkata, Chennai and Mumbai respectively, up from Rs the previous levels of Rs 70.76, Rs 73.61, Rs 74.77 and Rs 75.12 per litre.

The price of petrol on Monday was Rs 86.56 per litre while diesel was Rs 75.54 per litre in Mumbai.

Meanwhile, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan last week blamed the "isolated" policies of the U.S. for the "abnormally" rising fuel prices in the worldwide markets.

Also, crude oil has gained United States dollars 7 a barrel in a fortnight, driven by fears that the USA sanctions on Iran will likely contract supplies. "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. There is a pressure on oil prices due to a decrease in production. "Secondly, global currencies have weakened against the United States dollar", he said.

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The recent slump in rupee also has lifted the import cost of crude oil, subsequently raising fuel prices. The graph of petrol and diesel prices is continuing its upward movement since last week. 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. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend. "A high-level American delegation is visiting India, and India's two senior representatives - defence minister and external affairs minister - will talk to them".

Earlier, France-based BNP Paribas had said that because of the U.S. sanctions on Iran, oil production from the OPEC would come down from an average of 32.1 million barrels per day in 2018 to 31.7 million in 2019.

Any rally in global crude oil price will impact India's oil import bill and trade deficit as every dollar increase in oil prices would impact import bill by around ₹10,700 crore on an annual basis. Apart from crude oil prices in the global market and the weakening rupee, one of the factors affecting fuel prices is the high value added tax (VAT) in the state of Maharashtra.

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