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Petrol, diesel prices hit new highs, rise for 9th consecutive day

04 September, 2018, 12:34 | Author: Melinda Barton
  • Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period

As per sources, the fuel prices have increased by around Rs 5 per litre in the past 7 months.

The petrol, diesel prices have continued to surg in a row for the ninth consecutive day on Monday. "Relentless rise in prices of petrol and diesel is not inevitable". The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday.

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. While Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. Diesel costs Rs 71.34/litre in Delhi, Rs 75.74/litre in Mumbai, Rs 75.39/litre in Chennai and Rs 74.19/litre in Kolkata, according to daily price notification by oil marketing companies. 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.

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


Globally, oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once USA sanctions bite from November, but gains were limited by higher supply from OPEC and the United States. There is a pressure on oil prices due to a decrease in production.

The recent slump in the rupee also has lifted the import cost of crude oil, subsequently raising fuel prices. "You can then buy petrol paying a dollar", he said.

Diesel prices gain significance as the fuel is used in the transportation of farm products and a rise in the prices may push up inflation. Apart from crude oil prices in the worldwide 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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