Economy

Fuel prices on the rise but fall expected in coming days

Fuel prices on the rise but fall expected in coming days”

But, as the wholesale price of diesel is static, there won't be any cuts there. Rising prices means hardship for diesel vehicle owners as well as farmers and consumers dependent on diesel-generated power.

"Stronger worldwide oil prices, and a weakening Rand, will combine to drive fuel prices higher at the end of September", it added.

Diesel prices continue to sting consumers elsewhere around the country as well, with costs soaring to Rs 62.82 per litre in Mumbai and Rs 62.30 per litre in Chennai, corresponding to their highest levels since May and January, respectively. Life-time highs correspond to 2002-levels, the last set of data available on IOC's website.

The price of a litre of 93 octane petrol will be increasing by 25c and a litre of 95 octane will go up by 29c. Petrol prices in Delhi, Kolkata and Chennai were highest since January this year. Due to local levies, prices of petrol and diesel vary from state to state.

The automotive services firm's fuel watch data showed the average cost of a litre of unleaded fuel rose by almost 1p a litre to 119.19p while diesel prices increased by 1.34p to 120.31p, making both fuels the most expensive they've been since March. Most of the rise in a little more than a month was linked to spike in global rates after two successive hurricanes shut significant refinery capacity in the US.

According to motoring organisation the RAC, the cost of fuel rose for the third consecutive month in September. The development follows remarks by Oil minister Dharmendra Pradhan suggesting that crude prices would drop soon and there would be reprieve for the common man. Also affecting the price movement is the strong worldwide demand that has led to a spike in crude prices. Without this drivers would be paying far more for their fuel. Crude prices have jumped almost 12 per cent between September 1 and September 25 to reach $59 a barrel before slipping to $56 on Monday. Prices are revised daily and are the average of the preceding 15 days' global rates. Reliance, BP, Rosneft, Cairn India, ONGC, Indian Oil and other firms have committed tens of billions of dollars in drilling more wells and expanding refining and marketing capacity.



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