Petrol price hits a record high in Mumbai

Petrol price hits a record high in Mumbai

Petrol price in Delhi rose to a record Rs 79.15 a litre and diesel climbed to a fresh high of Rs 71.15, according to price notification of state-owned fuel retailers.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the USA sanctions on Iran and Saudi Arabia's decision to cut oil production. In Kolkata, petrol was retailed at Rs 82.22 per litre and diesel at Rs 74.19 per litre.

The government's decision to stop a full petrol price hike from taking place this month may come back to haunt consumers.

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. Petrol price had previously hit its highest level five months ago on May 29. This is the steepest increase in fuel prices since the daily revision in fuel prices was introduced in mid-June 2017. On that day, the rate in Mumbai was Rs 86.24 per litre.




In Kolkata, the price of petrol has been increased to ₹82.22 per litre while the diesel price has gone up to ₹74.19 per litre. "Apart from that, crises in countries like Venezuela and Iran are increasing. Secondly, global currencies have weakened against the USA dollar".

The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated. The price of Brent oil increased to $78 a barrel on Monday.

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

Commenting on the relentless price rise, former finance minister P Chidambaram said: "Relentless rise in prices of petrol and diesel is not inevitable". On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

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