Energy department intervenes to keep petrol price increase down

Petrol prices

"As for the Rupee, it has depreciated by about 11 per cent against the U.S. dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment". After the hike on Tuesday, the total increase in petrol prices is around Rs 2.50 per litre, while for diesel it has crossed Rs 3 per litre in last one month. The difference between the cost of petrol in Delhi and Mumbai has also widened to Rs 7.5 per litre due to difference in sales tax or VAT. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the United States, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

Radebe said that the fuel price was driven by global factors - such as the rand exchange rate, the worldwide price of crude oil.

Petrol prices in the four metro cities have reached new record levels daily since Sunday. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018.

The output from the OPEC rose by 220,000 barrels per day (BPD) in August to a 2018 high of 32.79 million bpd, a Reuters survey found. There is a pressure on oil prices due to a decrease in production. The graph of petrol and diesel prices is continuing its upward movement since last week. The surge in fuel prices can be largely attributed to the spike in global crude prices. "Secondly, global currencies have weakened against the United States dollar", he had said.

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Also, crude oil has gained $7 a barrel in a fortnight, driven by fears that the USA sanctions on Iran will likely contract supplies. If the current trend continues, both petrol and diesel prices will have a double digit price growth in the current fiscal year.

Petrol price in Delhi breached Rs 79 per litre mark on Monday, hitting a fresh high.

Unleaded petrol will also go up, and will climb to its highest value in three months.

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