Fuel prices rising at fastest rate for 18 years

Fuel prices rising at fastest rate for 18 years

Troy Powers
June 6, 2018

On the other hand, the price of diesel is down 11 paise at Rs 68.88/litre in Delhi; Rs 71.43/litre in Kolkata; Rs 73.33/litre in Mumbai; Rs 72.72 in Chennai and Rs 70.06 in Bengaluru.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

The recent price cuts have come as a huge relief to the public that was exposed to exorbitant rates when prices of global crude oil were increasing continuously.

After hitting all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have marginally fallen during the subsequent days on softening in worldwide oil prices and rupee strengthening against the U.S. dollar. Last year, the crude prices began to shot up after the organisation of the petroleum exporting countries and Russian Federation chose to withhold the excessive output to prop up the prices that had fallen to their lowest in more than a decade.

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The Organisation of the Petroleum Exporting Countries comprises 14 member nations including Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar and the UAE.

It pointed out that oil prices broke through the $80-a-barrel mark twice in May - a three-and-a-half year high. India imports over 80 per cent of its crude oil requirement and it is the world's third largest oil importer. Earlier this week, oil minister Dharmendra Pradhan ruled out daily price review of petrol and diesel but said the government was concerned about pinching fuel prices and is working on a long-term solution.

The 93 octane petrol price will be R15.54, R15.79 for 95 octane, diesel (0.05% sulphur content) will hit R14.19.