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Petrol prices at new all time-high; at Rs 89.44 in Mumbai, above Rs 91 in few Maharashtra cities.....

Date: 17-09-2018
Subject: Petrol prices at new all time-high; at Rs 89.44 in Mumbai, above Rs 91 in few Maharashtra cities....
Petrol prices continued to soar to fresh record highs on Monday, and were selling at above Rs 91 in few cities across Maharashtra. In the state’s city Parbhani, one litre of petrol is now selling at Rs 91.19. In case of Nanded, the prices were seen at Rs 91. In Latur, one litre of petrol is retailing at Rs 90.14. In the financial capital Mumbai petrol is now firmly above Rs 89, and is selling for Rs 89.44. In national capital Delhi, petrol prices saw a 15 paise hike to Rs 82.06. In metros Chennai and Kolkata, petrol is retailing for Rs 85.31 and Rs 83.91 respectively. Fuel prices have been on the boil for some time now, and have seen a hike of Rs 4.86 in the last one month, data sourced from IOC website showed.

The hike in petrol prices has led to a nationwide hike called in by the opposition parties last week. State-owned oil firms have been revising fuel prices every day since October 2017.

The recent surge in transportation fuel prices is largely attributed to high crude oil prices and a falling rupee. A weak rupee against the dollar makes the import of crude oil expensive.

Earlier, oil minister Dharmendra Pradhan said that global external factors were to blame for continually rising prices in India. “OPEC had assured world community, from July 1 they’ll produce 1 million tonne per day, additional production will be there. As per July-Aug statistics, target isn’t being compiled. Issues of Iran,Venezuela and Turkey are creating pressure on production. These factors aren’t in India’s hands,” Dharmendra Pradhan told reporters recently.

Source: financialexpress.com

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