Published: Tue, September 04, 2018
Finance | By Cynthia Curry

Petrol, diesel prices rise for 10th day in a row

Petrol, diesel prices rise for 10th day in a row

In Delhi, the petrol prices touched Rs 79.15 per litre - increased by Rs 0.31 per litre.

Since August 2018, petrol prices have gone up by Rs. 2 per litre, while diesel prices been hiked by Rs. 2.42 per litre.

Fuel prices continued to rise on Sunday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.Earlier also Pradhan had said the rise in crude oil price in the worldwide market and devaluation of the Indian rupee against the US Dollar were responsible for the hike in fuel prices in the country.

Since August 16, petrol pries have risen by over Rs 2 per litre.

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Retail prices of petrol and diesel in India track the global prices of these auto fuels, not crude, although they are broadly linked to crude oil price trends, which have firmed up. Diesel was at Rs 75.54/litre, up by Rs 0.44/litre. "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.

"Apart from that, crises in countries like Venezuela and Iran are increasing". The revised petrol price in the city was Rs 82.22/litre and Rs 74.19/litre, respectively. There is a pressure on oil prices due to a decrease in production. Former finance minister P Chidambaram on Monday asked the government to bring petrol and diesel under GST.

Also, crude oil has gained United States dollars 7 a barrel in a fortnight, driven by fears that the U.S. sanctions on Iran will likely contract supplies. "Secondly, global currencies have weakened against the USA dollar", he had said.

"Given the weakness in the rand in the last couple of days and the rise in the oil price to above $78 a barrel, you would have thought that they would have needed to increase it". Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT (Value Added Tax).

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