Economy

Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai”

"This is a once off temporary intervention to provide some relief to motorists and consumers against fuel price hikes".

The petrol price stands at Rs 65.2 per litre in Pakistan (112.8 Pakistani rupee) while diesel at Rs 61.56 (Rs 106.57) per litre.

Petrol is being sold at Rs 53.88 per litre ($0.64 a litre) in the USA while diesel at Rs 58.9 ($0.83 a litre).

Diesel prices also rose to record highs on Monday.

Fuel prices have now increased for the ninth straight day in all four metros.

There will be no full petrol price increase in September 2018, according to a report by BusinessTech. The price of diesel, paraffin and LP gas will remain unchanged.

Also, crude oil has gained United States dollars 7 a barrel in a fortnight, driven by fears that the USA sanctions on Iran will likely contract supplies.

The department said the sustained hikes in fuel prices over the past few months have placed a strain on consumers. There are reports that the devaluation of the Indian rupee against the USA dollar and hike in crude oil price in the global market could be the two reasons behind the persistent fuel price hike. "I would like to mention two points, and both these subjects are external".

Crude oil has gained $7 a barrel in a fortnight, driven by fears that the U.S. sanctions on Iran will likely contract supplies although the price rise has still been limited due to the hope the increased production by Saudi Arabia, Russia and the USA will make up for much of the shortfall. "Secondly, global currencies have weakened against the U.S. dollar", he said while speaking to reporters at a conclave held in Surat.

The broader NSE Nifty closed below the 10,600 mark by plunging by 98.15 points, or 0.84 per cent, at 11,582.35 after shuttling between 11,567.40 and 11,751.80.



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