Petrol, diesel prices hit new highs, rise for 9th consecutive day

Petrol, diesel prices hit new highs, rise for 9th consecutive day

The prices of petrol and diesel, already at unprecedented levels in the country, went further up for the 10th consecutive day on Tuesday.

Petrol was being sold at Rs 86.56 per litre (increased by Rs 0.31 per litre) in Mumbai while diesel spurted to a new high of Rs 75.54 per litre (increase by Rs 0.44 per litre).

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the USA dollar on Monday, compared to the previous close of ₹70.

The price differential between petrol and diesel in Mumbai has also reduced to one of the lowest of the year - at Rs 11.02 per litre, which means petrol cars seem to have as good an operational benefit as their diesel siblings. The price of Brent oil increased to $78 a barrel on Monday. 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.

As per sources, the fuel prices have increased by around Rs 5 per litre in the past 7 months.

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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. There is a pressure on oil prices due to a decrease in production.

The price build-up of petrol in Delhi includes excise duty of ₹19.48, dealer commission of ₹3.63, and Value-Added Tax of ₹16.83 (including Value-Added Tax on dealer commission). "Secondly, global currencies have weakened against the United States dollar", he said.

Fuel prices in other cities have also been on the rise.

Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of USA sanctions begins.

The fuel prices have been on fire since the beginning of August due to rising crude oil prices and low value of rupee against the United States dollar.

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