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

04 September 2018

While Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017.

On Monday, the key transportation fuel was sold at Rs 71.15, Rs 74, Rs 75.19 and Rs 75.54 per litre in Delhi, Kolkata, Chennai and Mumbai respectively, up from Rs the previous levels of Rs 70.76, Rs 73.61, Rs 74.77 and Rs 75.12 per litre.

In Kolkata, the price of petrol has been increased to ₹82.22 per litre while the diesel price has gone up to ₹74.19 per litre.

He said high fuel prices were mostly influenced by worldwide factors.

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The output from the OPEC rose by 220,000 barrels per day (BPD) in August to a 2018 high of 32.79 million bpd, a Reuters survey found. 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.

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. There is a pressure on oil prices due to a decrease in production.

Azar Jammine, the chief economist at Econometrix, said he was fascinated to note that the petrol price was not going to increase this month, apart from the slight increase for the salaries of forecourt staff. "You can then buy petrol paying a dollar", he said. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend. Also, crude oil prices have gained $7 a barrel in a fortnight.

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.

India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

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