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

Petrol price,diesel price,petrol price today

Fuel prices in other cities have also been on the rise. The price of petrol increased by Rs 0.31 per litre while that of diesel was hiked by Rs 0.39 per litre.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country. The price of diesel remained static at Rs 75.74 per litre. In the national capital, the petrol is being sold at Rs 79.31/litre while the price of diesel is at Rs 71.34/litre.

An increase in the petrol price of close to 30c a litre was expected this month, because of the depreciation in the value of the rand and under-recovery on the current fuel price and strengthening of global oil prices.

The price of diesel has also hit a record high. 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.

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The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining Dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. 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. The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday. There is a pressure on oil prices due to a decrease in production.

There is no price increase for diesel or illuminating paraffin. "Secondly, global currencies have weakened against the USA dollar", Pradhan had said in Surat.

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