Petrol, diesel hit new high

Petrol, diesel hit new high
x
Highlights

Prices of petrol and diesel, already at unprecedented levels in the country, rose for the ninth consecutive day on Monday In the national capital, petrol was sold at Rs 7915 per litre, up from Rs 7884 on Sunday In Vijayawada too, there has been a steep increase in the prices of diesel and petrol

New Delhi/Amaravati/Hyderabad: Prices of petrol and diesel, already at unprecedented levels in the country, rose for the ninth consecutive day on Monday. In the national capital, petrol was sold at Rs 79.15 per litre, up from Rs 78.84 on Sunday. In Vijayawada too, there has been a steep increase in the prices of diesel and petrol.

During the last one month alone, petrol prices increased by Rs.3.77 per litre and diesel prices Rs 3.32. On Monday, petrol price was Rs 85.19 and diesel price Rs78.34. On August 3, the petrol price was Rs.82.42 per litre and diesel price was Rs.75.02. The variation of price is Rs.3.77 for petrol and Rs.3.32 for diesel in one month.

Petrol has hit an all- time high of Rs 83.92 per litre in Hyderabad on Monday, while diesel price peaked to 77.39 per litre. The trend during the last one week has been one that was defying the laws of gravity. On Aug 28, the price of petrol was 82.75 per litre and that of diesel 75.72 per litre. During the last one week, the price had not come down even once. In Kolkata, Chennai and Mumbai, the fuel was priced at Rs 82.06, Rs 82.24 and Rs 86.56 per litre respectively, all a new record, against Rs 81.76, Rs 81.92, Rs 86.25 on Sunday.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country. Brent crude oil is currently priced over $78 per barrel. The recent slump in rupee also has lifted the import cost of crude oil, subsequently raising fuel prices. On Monday, the key transportation fuel was sold at Rs 71.15, Rs 74, Rs 75.19 and Rs 75.54 per litre in Delhi, Kolkata, Chennai and Mumbai respectively, up from the previous levels of Rs 70.76, Rs 73.61, Rs 74.77 and Rs 75.12 per litre.

Diesel prices gain significance as the fuel is used in the transportation of farm products and a rise in the prices may push up inflation. With fuel prices touching new levels on Monday, petroleum dealers in Tamil Nadu said they were closely monitoring the situation. "We too are concerned. We have no choice but to follow the order of oil marketing companies on dynamic pricing. In the last three days, the price of petrol increased by Re 1," Tamil Nadu Petroleum Dealers Association Vice President Suresh Kumar said. "The situation is precarious," he said.

Meanwhile, DMK President M K Stalin flayed the Centre and State governments, saying the fuel prices were "unconscionable." In a statement here, he sought to know whether it was right on part of the Centre to export fuel at cheaper rates while it was being retailed at 'exorbitant' rates in the domestic market.

Show Full Article
Print Article
Interested in blogging for thehansindia.com? We will be happy to have you on board as a blogger.
Next Story
More Stories