Fuel prices to remain unchanged: Radebe

Sep 04, 2018, 07:42
Fuel prices to remain unchanged: Radebe

"As for the Rupee, it has depreciated by about 11 per cent against the United States dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment".

Since August 16, petrol prices have risen by over Rs 2 per litre to reach a record high.

Fuel prices will be rising once more this morning, with the price of diesel suffering its biggest increase since May.

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan assured that rise in the fuel prices in the country is temporary. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. 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. The excise duty has remained unchanged for the past four months but the Value-Added Tax applied on diesel today is Rs 10.12 per litre and that on petrol is Rs 16.42 per litre.

Diesel rates had hit ₹69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. There is a pressure on oil prices due to decrease in production.

Meanwhile, Maharashtra transporters, burdened with diesel price hikes for a fortnight, have threatened to agitate and increase freight rates by 10-15% if there is no control or reduction in rates.

How are petrol prices calculated? "Secondly, global currencies have weakened against the United States dollar", Pradhan had said in Surat.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the U.S. sanctions on Iran and Saudi Arabia's decision to cut oil production. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend.

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