Economy

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

"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".

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017. "This is a once off temporary intervention to provide some relief to motorists and consumers against fuel price hikes", the department said in a statement.

Meanwhile, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan last week blamed the "isolated" policies of the United States for the "abnormally" rising fuel prices in the global markets.

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

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. 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.

Amongst all the four metro cities, petrol remains the cheapest in Delhi at Rs 79.15 while in Mumbai it is the highest at Rs 86.65, a sharp difference of Rs 7.5 per litre. There is a pressure on oil prices due to a decrease in production.

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Petrol price had previously hit its highest level five months ago on May 29. An HT analysis of petrol and diesel prices in Delhi from 2002 onwards shows that there are instances of a much bigger rise in petrol-diesel prices in the past.

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. "Secondly, global currencies have weakened against the United States dollar", he had said.

Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. If this happens, it will be the first time since 2002-03 that the country will have experienced double digit inflation in petrol-diesel prices for three years in a row.

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