Energy department intervenes to keep petrol price increase down

Petrol prices

Petrol is Mumbai has risen from Rs 83.76 per litre on August 1 to Rs 86.56 per litre on Monday

New Pakistan Prime Minister Imran Khan last week announced a cut in petrol, diesel and kerosene oil prices to contain the rising inflation.

This follows a 31 paise/litre hike in prices on September 3.

Petrol price in Delhi rose to a record ₹79.15 a litre and diesel climbed to a fresh high of ₹71.15, according to price notification of State-owned fuel retailers. While situation in India seems much worse - with rupee falling to Rs 71.12 against dollar and fuel prices touching all-time high - neighbouring countries like China, Nepal, Sri Lanka and Pakistan are also bearing the brunt of high crude oil prices. Monday's figures breached the previous highs recorded on May 28 this year when the petrol prices were at Rs 86.24 in Mumbai and Rs 78.43 in Delhi. In Kolkata, diesel has touched Rs 74 per litre. In Delhi, petrol stood at Rs 76.31 per litre on August 1.

In Delhi, the fuel is cheapest among all metros and most state capitals in comparison to other cities due to lower sales tax or VAT. 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. This is the steepest increase in fuel prices since the daily revision in fuel prices was introduced in mid-June 2017. In Delhi and Kolkata, diesel prices have gone up by 39 paise.

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There is no price increase for diesel or illuminating paraffin.

The oil marketing companies continue to push fuel prices upwards amid rising crude oil prices and heavy pressure on the value of domestic currencies.

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.

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