Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Radebe said yesterday that the department had chose to intervene temporarily this month, but stressed that this was a "once off temporary intervention to provide some relief to motorists and consumers 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. The price of petrol rose by 31 paise and diesel by 42 paise on Monday. Diesel prices on the other hand have risen by Rs 2.56 a litre during this period.

Led by a spike in global crude oil prices and a fall in rupee, the prices of both petrol and diesel are now at an all-time high. On September 3, 2018, the price of petrol in the city was Rs. 86.65 per litre, beating the previous all-time high of Rs. 86.25.

Petroleum Minister Dharmendra Pradhan has blamed "external" factors for the rise in petrol and diesel prices. In Kolkata, a litre of petrol cost Rs. 82.06, while in Chennai it was priced at Rs. 82.24.

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

"Apart from that, crises in countries like Venezuela and Iran are increasing. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised". There is a pressure on oil prices due to decrease in production.

How are petrol prices calculated? "Secondly, global currencies have weakened against the United States dollar", he said.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the U.S. sanctions on Iran and Saudi Arabia's decision to cut oil production.

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