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

04 September, 2018, 17:24 | Author: Kevin Carter
  • Petrol price,diesel price,petrol price today

This meant India had to import 82 percent of its fuel requirements at around $77.06, a very high rate, today, thereby taking fuel prices to an all-time high of Rs 86.56 per litre for petrol and Rs 75.54 per litre for diesel in Mumbai.

Petrol and diesel prices have seen a 13% and 19% rise respectively in Delhi in this calendar year.

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.

In the national capital, petrol prices touched Rs 79.15/litre and diesel was at Rs 71.15/litre.

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Fuel rates have been on fire since the middle of August, rising nearly every day due to a combination of a drop in the value of the rupee and rise in crude oil rates. Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the United States dollar. The excise duty on petrol increased from Rs 9.48 per litre to a high of Rs 21.48 per litre by January 2016.

On Tuesday, the rupee closed to a record low of Rs 71.58 per dollar. This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to Dollars 100.

"As for the Rupee, it has depreciated by about 11 per cent against the United States dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment". OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. "Knowing that we can't disturb the fiscal deficit, we should rather be fiscally prudent", the official in the finance ministry said. Besides, states levy a value-added tax (VAT), the lowest being in Andaman and Nicobar Islands where a 6% sales tax is charged on both the fuel.

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.

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