Petrol price hits a record high in Mumbai

Petrol price hits a record high in Mumbai

Petrol price hits a record high in Mumbai

The opposition has also launched an attack on the BJP government over the rising fuel prices.

As petrol and diesel prices hit new highs on Monday, former Union Finance Minister P. Chidambaram said the Centre and states must act together to bring petrol and diesel under GST immediately.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the US dollar on Monday, compared to the previous close of ₹70. 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.

Petrol price in Delhi breached Rs 79 per litre mark on Monday, hitting a fresh high.

Prices of petrol and diesel continued to increase for the tenth consecutive day today as fuel rates touched a new record high.

He said high fuel prices were mostly influenced by worldwide factors. OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far.

Fuel prices in all metro cities are once again at an all-time high.

"Apart from that, crises in countries like Venezuela and Iran are increasing". The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday. There is a pressure on oil prices due to decrease in production.

Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of USA sanctions begins. "Secondly, global currencies have weakened against the USA dollar", he said.

Arguing that one can not blame the state government for rising prices, he said the Centre and states must act together and bring petrol and diesel under GST.

Roodt said he thinks the government has drawn on crude oil reserves that "had been hidden somewhere" or "they had a spare pot of cash somewhere in the ministry" to make the intervention possible.

Radebe said that the fuel price was driven by global factors - such as the rand exchange rate, the worldwide price of crude oil.

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