Petrol, diesel prices hit new highs, rise for 9th consecutive day

Fredrick Soto
September 4, 2018

31 a litre, while diesel price has been increased to ₹71.34 a litre, which is also at a record high, according to the daily price notification issued by Oil Marketing Companies (OMCs).

Last time petrol prices touched an all-time high on May 29, 2018 at Rs 78.43 per litre and Rs 81.06 per litre, Rs 86.24 and Rs 81.43 in Delhi, Kolkata, Mumbai and Chennai, respectively. This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to United States dollars 100.

There is no price increase for diesel or illuminating paraffin. Since August 16, petrol prices have risen by over Rs 2 per litre and diesel by Rs 2.42 a litre. Diesel prices went up by almost 20 paise and petrol prices have gone up by 16 paise.

Diesel can be purchased today at a price of Rs 75.74 per litre in Mumbai, Rs. 75.39 per litre in Chennai and Rs. 74.19 per litre in Kolkata. Diesel was at Rs 75.54/litre, up by Rs 0.44/litre.

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. This had also led to several transport unions holding agitations in July and demanding the government to bring petrol and diesel under the ambit of GST. "Petrol will soon cost Rs 100".

Radebe said yesterday that the department had made a decision to intervene temporarily this month, but stressed that this was a "once off temporary intervention to provide some relief to motorists and consumers against fuel price hikes".

In Delhi, the petrol price has been risen to a record ₹79. "If taxes are cut, prices will decline significantly", Congress leader and former finance minister P. Chidambaram said. "You can then buy petrol paying a dollar", he said.

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