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Petrol price to rise by 5 cents

04 September, 2018, 17:26 | Author: Kristi Dunn
  • Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

In Delhi, petrol was selling at Rs 79.31 per litre while the diesel was being sold at Rs 71.34 per litre. On that day, the rate in Mumbai was Rs 86.24 per litre.

Officials have suggested that the increase in petrol and diesel prices is down to mainly the falling exchange rate of rupee against the dollar.

Thanks to that intervention, the price a litre of 95-octane petrol will go up on Wednesday from R15.44 to R15.49 at the coast and from R16.03 to R16.08 in Gauteng.

Expressing his views on Twitter, he wrote, "Petrol, diesel and gas prices are rising and are hitting all-time highs daily".

Despite the euro remaining strong against the dollar, it could not stop fuel from rising.

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Fuel rates have been on fire since mid-August, rising nearly every day due to a combination of a drop in rupee value and rise in crude oil rates.

In Mumbai, the Petrol at Rs 86.56/litre (increase by Rs 0.31/litre) and diesel at Rs 75.54/litre (increase by Rs 0.44/litre). "If taxes are cut, prices will decline significantly", he said. Petrol price had previously hit its highest level five months ago on May 29.

The prices of PNG were raised by Rs 1.11 per standard cubic meter, costing now at Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm. Current account deficit (CAD) is already widening and an excise duty cut will disturb fiscal deficit (target).

With imports becoming costlier because of a free-fall in rupee against the USA dollar, the government believes the current account deficit will overshoot the target and it can not "disturb fiscal maths by cutting excise duty on petrol and diesel", the official, who wished not to be identified, said.

It's necessary to bring worldwide factors in line to curb the surge in prices, Pradhan added. 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. "Secondly, global currencies have weakened against the U.S. dollar", he said. There is a pressure on oil prices due to decrease in production. And, the rupee will also touch the century mark.

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