Fuel price hike: Petrol, diesel prices again breach record levels

Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Petrol price in Delhi breached Rs 79 per litre mark on Monday, hitting a fresh high. A litre of petrol costs maximum in Mumbai where it is available at Rs 86.56.

He said high fuel prices were mostly influenced by global factors.

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

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 petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre respectively. 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.

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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. There is a pressure on oil prices due to a decrease in production.

"Dear Modiji, please show some kindness on a festival day.Your jumlas are not taxed, but when will you reduce the tax on petrol-diesel? Secondly, global currencies have weakened against the U.S. dollar", he had said. There are reports that the devaluation of the Indian rupee against the United States dollar and hike in crude oil price in the global market could be the two reasons behind the persistent fuel price hike.

Explaining the causes behind the recent hike in fuel prices, the Minister said: "I would like to mention two points, and both these subjects are external". Since August 16, petrol prices have risen by over Rs 2 per litre and diesel by Rs 2.42 a litre.

According to reports, the fuel prices are cheapest in Delhi as compared to the other metro cities and state capitals following the lower sales tax or Value Added Tax (VAT).

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