Fuel prices hit record highs as rupee slides

ON FIRE Govt blames global factors, says situation ‘temporary’; Oppn hits out

NEWDELHI: Petrol and diesel prices rose for the ninth consecutive day on Monday, touching new highs on account of a sharp fall in rupee and a rise in crude oil rates, hurting people across urban and rural India, threatening to cause a spike in inflation, and providing ammunition to political opponents of the National Democratic Alliance government.

Petrol price in Delhi was ₹79.15 a litre, up from ₹78.84 on Sunday, according to the price notification of state-owned fuel retailers. This came after a 31 paise/litre hike on Monday. Prices in Delhi were the cheapest among all metros and most state capitals. A litre of petrol in Mumbai cost ₹86.56 on Monday. In Kolkata and Chennai, petrol was priced at ₹82.06 and ₹82.24 a litre, respectively, against ₹81.76 and ₹81.92.

Fuel prices vary from state to state due to local levies.

Diesel rates were hiked by 39 paise a litre, the highest singleday increase in 2018. In Delhi, diesel climbed to a fresh high of ₹71.15/litre. The fuel cost ₹75.54 a litre in Mumbai. It was sold at ₹74 and ₹75.19 per litre in Kolkata and Chennai, respectively, up from the previous levels of ₹73.61 and ₹74.77 a litre.

Petrol and diesel prices in Delhi have increased by 13% and 19% respectively in this calendar year so far. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the US, and Iran sanctions coming into

place, the trend of rising petroleum prices is likely to continue.

Anil Baluni, the ruling Bharatiya Janata Party’s (BJP’S) head of the media department and a Rajya Sabha MP, said, “This is a reflection of the international market situation and developments

related to Iran. It will get controlled. The government is carefully monitoring the situation.” Union petroleum and natural gas minister Dharmendra Pradhan on Sunday blamed “external factors” for the rise in prices of petrol and diesel.