Saturday, 20 October, 2018

Fuel price will rise next month despite government intervention

Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai
Kelvin Reese | 04 September, 2018, 12:34

The recent slump in rupee also has lifted the import cost of crude oil, subsequently raising fuel prices. On September 1, 2018, Delhi woke up to the revised petrol and diesel prices, which were hiked by Rs 0.16 per litre and 0.34 per litre respectively.

The government has been under enormous pressure to cut excise on fuel as the prices have breached the previous record high hit on May 29.

Petrol is priced at Rs 79.31 per litre and Rs 86.72 per litre in Delhi and Mumbai.

Diesel can be purchased at a price of Rs 75.74 per litre in Mumbai today.

He also said that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India.

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The petrol, diesel prices have continued to surg in a row for the ninth consecutive day on Monday. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country.

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. There is a pressure on oil prices due to decrease in production.

"As for the Rupee, it has depreciated by about 11 per cent against the United States dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment. Secondly, global currencies have weakened against the United States dollar".

Delhi chief minister Arvind Kejriwal on Monday said the government had made a "mess" of the economy. Oil company officials said price rise over two weeks has been mainly due to fluctuations in the rates of worldwide crude and a further weakening of the rupee vis-a-vis the dollar. This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to Dollars 100.

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