Petrol price to rise by 5 cents

04 September, 2018, 12:32 | Author: Salvatore Jensen
  • Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period

The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged. Petrol and diesel prices vary from state to state due to local levies. The price of petrol increased by Rs 0.31 per litre while that of diesel was hiked by Rs 0.39 per litre.

Petrol price in Delhi breached Rs 79 per litre mark on Monday, hitting a fresh high.

He said high fuel prices were mostly influenced by global factors. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday.

Diesel can be purchased today at a price of Rs 75.74 per litre in Mumbai, Rs. 75.39 per litre in Chennai and Rs. 74.19 per litre in Kolkata. There is a pressure on oil prices due to decrease in production.

Diesel prices gain significance as the fuel is used in the transportation of farm products and a rise in the prices may push up inflation.

Globally, oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, but gains were limited by higher supply from OPEC and the United States. "Secondly, global currencies have weakened against the USA dollar".

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.

This takes the global price of crude oil and the value of the rand against the dollar into account.

Roodt said he thinks the government has drawn on crude oil reserves that "had been hidden somewhere" or "they had a spare pot of cash somewhere in the ministry" to make the intervention possible.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country.



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