Markets

Petrol, diesel prices hit all-time high

Petrol, diesel prices hit all-time high

Petrol and diesel now cost Rs 79.31/litre and Rs 71.34/litre in Delhi, respectively, according to a price notification issued by Indian Oil Corporation.

In Chennai, the price of petrol increased from Rs 82.24 per litre to Rs 82.41. In Delhi, Indraprastha Gas Ltd raised the prices of CNG by 63 paise per kg, costing Rs 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad.

An increase in the petrol price of close to 30c a litre was expected this month, because of the depreciation in the value of the rand and under-recovery on the current fuel price and strengthening of global oil prices. The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday.

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017.

Diesel is being sold at Rs 71.15 in Delhi, Rs 74 in Kolkata, Rs 75.54 in Mumbai and Rs 75.19 in Chennai. Petrol price had previously hit its highest level five months ago on May 29.

"I would like to mention two points, and both these subjects are external". The surge in fuel prices can be largely attributed to the spike in global crude prices. 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.

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

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. Diesel prices on the other hand have risen by Rs 2.42 a litre during this period. "You can then buy petrol paying a dollar", he said.

"Due to the high dependence on imports of crude oil to meet domestic consumption, an increase in crude oil prices increases the current account deficit which is weighing down on the Rupee", it added.


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