Published: Tue, September 04, 2018
Finance | By Gustavo Carr

Petrol, diesel prices rise for the 10th day. Check today’s rates here

Petrol, diesel prices rise for the 10th day. Check today’s rates here

Petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre.

As petrol and diesel prices hit new highs on Monday, former Union Finance Minister P. Chidambaram said the Centre and states must act together to bring petrol and diesel under GST immediately.

Fuel prices in all metro cities are once again at an all-time high.

The opposition has also launched an attack on the BJP government over the rising fuel prices. In Mumbai, the price petrol touched Rs 86.56 a litre - an increase by Rs 0.58/litre - and diesel to Rs 75.54/litre - an increase by Rs 0.44/litre, respectively.

"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". On the other hand, the diesel is priced at Rs 74.41 per litre in Chennai and Rs 73.27 per litre in Kolkata.

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Petrol prices have hit an all-time high in Mumbai.

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. OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far. 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.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies.

How are petrol prices calculated? "Secondly, global currencies have weakened against the U.S. dollar", Pradhan had said in Surat.

"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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