Fuel prices to remain unchanged: Radebe

Posted September 04, 2018

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. If taxes are cut, prices will decline significantly, the senior Congress leader added. On that day, the rate in Mumbai was Rs 86.24 per litre.

This follows a 31 paise/litre hike in prices on Monday.

In Delhi, the petrol price has been risen to a record ₹79.

The fuel prices have been increasing continuously since the beginning of August on the cue of rising crude oil prices and falling rupee against the U.S. dollar. The cost of petrol in Delhi went up Rs 1.64 per litre, Mumbai Rs 1.63, Chennai Rs 1.72 and Kolkata Rs 1.61 per litre.

In its statement the department of energy said it was aware that the sustained price increases of the past few months had put consumers under pressure, and had made a decision to intervene temporarily for this month - but that it was a "once off temporary intervention" to provide some relief against fuel price hikes. Similarly, petrol is being sold for ₹82.41 per litre in Chennai and the diesel retail price is ₹75.39 per litre.

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On Tuesday, the rupee closed to a record low of Rs 71.58 per dollar.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the US dollar on Monday, compared to the previous close of ₹70. "I would like to mention two points, and both these subjects are external".

Former finance minister Yashwant Sinha today slammed the union government for unprecedented hike in prices of petrol and diesel.

There is no price increase for diesel or illuminating paraffin. "Apart from that, crises in countries like Venezuela and Iran are increasing".

Also, crude oil has gained Dollars 7 a barrel in a fortnight, driven by fears that the United States sanctions on Iran will likely contract supplies. "This is further hurting Asian currencies", the official said. There is a pressure on oil prices due to decrease in production.