Published: Tue, September 04, 2018
Money | By Michele Stevens

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

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

Diesel is priced at Rs 71.34 in Delhi, Rs 74.19 in Kolkata, Rs 75.74 in Mumbai and Rs 75.39 in Chennai.

The rupee collapsed to a new lifetime low of 71.21 against the United States dollar, while petrol prices rose to a new high of Rs 86.56 a litre in Mumbai on Monday.

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

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Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of U.S. sanctions begins.

"Apart from that, crises in countries like Venezuela and Iran are increasing". The surge in fuel prices can be largely attributed to the spike in global crude prices. There is a pressure on oil prices due to decrease in production. "Secondly, global currencies have weakened against the USA dollar", he said. Since August 16, petrol prices have risen by over Rs 2 per litre and diesel by Rs 2.42 a litre. Iran is the third biggest producer in the Organisation of the Petroleum Exporting Countries (OPEC).

"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?"

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Meanwhile, Maharashtra transporters, burdened with diesel price hikes for a fortnight, have threatened to agitate and increase freight rates by 10-15% if there is no control or reduction in rates. It has started cutting production just a month after agreeing to increase the output.

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

Earlier, France-based BNP Paribas had said that because of the United States 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. The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday.

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Internal factors: These include rising prices in crude oil, transport costs, and taxes and levies.

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