Tuesday, 16 October, 2018

Fuel prices hit record highs as Rupee slides, Opposition attacks government

Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period Petrol, diesel prices at highest-ever levels on rupee woes
Elsie Buchanan | 04 September, 2018, 07:46

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the U.S. dollar.

The price of petrol increased to a new all-time high of Rs 86.72 per litre in Mumbai on Tuesday, increasing 16 paise from the day before. The price of petrol in Delhi today is Rs 79.15, in Kolkata Rs 82.06, and in Chennai Rs 82.24.

The recent slump in rupee also has lifted the import cost of crude oil, subsequently raising fuel prices. There are reports that the devaluation of the Indian rupee against the USA dollar and hike in crude oil price in the global market could be the two reasons behind the persistent fuel price hike.

The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged. "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".

Kyrgios defends umpire for controversial pep talk during win
At the 2016 Shanghai Masters, he was fined and banned for eight weeks for "lack of best efforts" against Mischa Zverev. He doesn't need to say the words he said on the video. "It is not the umpire's role.


To be sure, the current phase of increase in petrol-diesel prices is not unprecedented.

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. 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 decrease in production. The surge in fuel prices can be largely attributed to the spike in global crude prices. "Secondly, global currencies have weakened against the USA dollar", Pradhan had said in Surat.

Given the constant rise in prices, the Congress Party has been demanding bringing petrol and diesel under the ambit of the Goods and Services Tax (GST). If the current trend continues, both petrol and diesel prices will have a double digit price growth in the current fiscal year.

Unleaded petrol will also go up, and will climb to its highest value in three months.

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