Petrol price to rise by 5 cents

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

The price of petrol increased to a new all-time high of Rs 86.72 per litre in Mumbai on Tuesday, increasing 16 paise from the day before. "The dual impact of rising oil prices and depreciating Rupee does not auger well for PSU (public sector unit) oil and gas companies as it will increase their regulatory risks", it said.

But the Opposition launched a fresh offensive on the government over the hike in fuel prices.

As per sources, the fuel prices have increased by around Rs 5 per litre in the past 7 months. To reporters on the sidelines of a conclave organised in Surat, Pradhan said on Sunday that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India.

The department said the sustained hikes in fuel prices over the past few months have placed a strain on consumers.

Diesel, too, hit a new high of Rs 75.54/litre in Mumbai and Rs 71.15 per litre in Delhi on Monday. On that day, the rate in Mumbai was Rs 86.24 per litre. Brent crude oil is now priced over $78 per barrel. 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.

Brazil's electoral court to discuss Lula candidacy Friday afternoon
Lula reportedly chose Fernando Haddad, former mayor of São Paulo, to run for the PT should he be prevented from doing so. Supporters of the former Brazilian president Luiz Inácio Lula da Silva attend a rally in Curitiba, Brazil, on August 30.

In Kolkata and Chennai petrol touched Rs 82.06 and Rs 82.24 per litre while diesel increased to Rs 74 per litre and Rs 75.19, respectively.

"Rupee is falling because of the trade war and rising oil prices". On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. "Knowing that we can't disturb the fiscal deficit, we should rather be fiscally prudent", the official in the finance ministry said.

"The government can not disturb fiscal maths by cutting excise duty", he said.

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 U.S. sanctions begins.

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