Petrol, diesel prices hit fresh high, go up for 10th consecutive day

Petrol, diesel prices hit fresh high, go up for 10th consecutive day

Rising oil prices continues to remain a concern with petrol price in Mumbai crossing Rs 86 per litre and diesel being sold at Rs 75.74 per litre on Tuesday. "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.

The government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs on Tuesday, as it has limited fiscal space available to take any dent in revenue collections, a top finance ministry official said.

The prices of CNG and piped natural gas (PNG) were also hiked in metro cities since the price of gas procured by city distributors is mostly dollar-denominated.

Petrol prices went up by Rs 2.17 per litre since August 16, while diesel rates climbed by Rs 2.62.

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The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country.

Global crude oil price has been on a rise in the last few months and is hovering above $70 per barrel. Diesel price has also gone up by Rs 0.39 per litre and touching Rs 71.15 per litre.

The rupee-dollar exchange rate has dropped to an all-time low of Rs 71.42 to a dollar on August 31. "I would like to mention two points, and both these subjects are external".

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the USA dollar. 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.

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Fuel prices vary from state to state due to local levies. The price of Brent oil increased to $78 a barrel on Monday. "Secondly, global currencies have weakened against the U.S. dollar".

Pradhan said that the government was planning to put diplomatic pressure.

The prices of PNG were raised by Rs 1.11 per standard cubic meter, costing now at Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm.

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