Fuel [Petrol And Diesel] Prices Hit All-Time High In The Country

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Fuel [Petrol And Diesel] Prices Hit All-Time High In The Country

On Monday, 3rd September, 2018 the prices of fuel – petrol and diesel are hiked again hitting an all time high in Delhi, Mumbai, Chennai and Kolkata. Oil marketing companies, OMCs have enhanced the fuel rates for the ninth consecutive day. This is the steepest increase since mid June last year, when the regular revision on prices of fuel was introduced. On 3rd September, Monday the diesel rates were increased by 39 paise per litre. The revised rates of petrol and diesel are applicable from 6 am on 3rd September, 2018. Since 16th August the diesel prices have risen by Rs 2.42 per litre while petrol prices have risen to Rs 2 per litre during this time period.

According to the daily price notification issued by state – owned oil firms, a litre of diesel is selling at Rs 75.19 in Chennai, Rs 74.00 in Kolkata, Rs 71.15 in Delhi and Rs 75.54 in Mumbai. On the other hand a litre of petrol is retailing in the cities of Kolkata, Delhi, Mumbai and Chennai at Rs 82.06, Rs 79.15, Rs 86.56 and Rs 82.24 respectively. Depending on the incidence of local sales tax or VAT, the prices of fuel – petrol and diesel vary from state to state. The recent rise in crude oil cost and the high exercise duty levied on transportation fuel in the country have lead to the price hike of the fuel.

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Fuel [Petrol And Diesel] Prices Hit All-Time High In The Country
Fuel [Petrol And Diesel] Prices Hit All-Time High In The Country
Currently, the Brent crude oil is priced around USD 77 per barrel. On Friday, the US Dolar had fallen by 26 paise on persistent demand for the US currency and the Indian Rupee declined to historic low of 71 paise. However, according to the Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, the isolated policies of the US are responsible for the abnormally rising fuel prices in the international markets. The rates of compressed natural gas [CNG] and piped natural gas [PNG] have also risen due to the appreciation of dollar against rupee.

Moreover, during mid June of last year the state owned oil firms had dumped the 15 year practice of revising rates on the 1st and 16th of every month in favour of daily price revisions. According to the data by the Petroleum Planning and Analysis Cell, India imported crude oil worth Rs 2,64,030 crore [over USD 39 billion] between April, 2018 and July, 2018. The cheapest petrol is available in Panjim where a litre of petrol is priced at Rs 70.26.

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Shreya Neogy

Shreya Neogy

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