Petrol, diesel prices hit all-time high

Daniel Fowler
September 3, 2018

This follows a 31 paise/litre hike in prices on September 3.

Diesel prices also rose to record highs on Monday.

The increase in prices for diesel, on the other hand, was sharper, with the fuel selling for Rs 71.15 a litre in Delhi on Monday, 39 paise higher than Sunday's price of Rs 70.76 per litre on Sunday. On that day, the rate in Mumbai was ₹86.24 per litre. Delhi is the cheapest in all metros and most state capitals due to lower sales tax or VAT.

The report stated that the "urgent" fuel price intervention measure was announced by energy minister Jeff Radebe.

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In Kolkata and Chennai, the petrol is priced at Rs 81.76 per litre and Rs 81.93 litre respectively. Petrol prices increased by Rs 0.31 per litre and touched Rs 79.15 per litre in Delhi. Mid-June, last year, oil companies started revising fuel prices on a daily basis with new prices becoming effective at 6 am every morning.

In Mumbai, Kolkata and Chennai, petrol prices went up by in the range of 30-32 paise a litre, with the fuel selling for Rs 82.06 per litre in Kolkata, Rs 86.56 in Mumbai, and Rs 82.24 in Chennai, according to data provided by IOC. Diesel prices reached an all-time high on May 29 at Rs 73.79 in Mumbai, Rs 69.31 in Delhi, Rs 71.86 in Kolkata, and Rs 73.18 in Chennai. Rupee is at an all-time low of Rs 71 while crude oil has gained $7 a barrel in the last two weeks.

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 wholesale price per litre of diesel will remain unchanged at R13.92 in coastal areas and R14.41 inland - bearing in mind that the retail price will vary from forecourt to forecourt.

CNG now costs Rs. 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad.

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