Fuel price hike: Petrol, diesel prices again breach record levels

04 September, 2018, 12:36 | Author: Lora Ball
  • Petrol prices

There have been a series of protests in recent months about increases in the petrol prices, with People Against Petrol and Paraffin Price Increases calling on the government to halt all future fuel price increases and a boycott on voting in next year's general election if petrol prices continue to increase.

In Delhi, the petrol price has been risen to a record ₹79.

Diesel can be purchased at a price of Rs 75.74 per litre in Mumbai today.

Energy minister Jeff Radebe said this week that they had taken a once-off decision to only factor in a retail margin increase of 4.9c per litre of petrol for the month.

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Fuel prices continued to rise on Monday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.

This takes the worldwide price of crude oil and the value of the rand against the dollar into account.

"I would like to mention two points, and both these subjects are external".

Globally, oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, but gains were limited by higher supply from OPEC and the United States. 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. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday. The surge in fuel prices can be largely attributed to the spike in global crude prices. "You can then buy petrol paying a dollar", he said. The price of diesel, paraffin and LP gas will remain unchanged. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT (Value Added Tax).

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