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

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

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

Radebe said yesterday that the department had chose 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".

The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged.

The government's decision to stop a full petrol price hike from taking place this month may come back to haunt consumers.

Petrol price in Delhi breached Rs 79 per litre mark on Monday, hitting a fresh high.

In Kolkata, Chennai and Mumbai, the fuel was priced at Rs 82.06, Rs 82.24 and Rs 86.56 per litre, respectively, all a new record, against Rs 81.76, Rs 81.92, Rs 86.25 on Sunday.

Union minister of Petroleum and Natural Gas, Dharmendra Pradhan, blamed the "isolated" policies of the U.S. for the "abnormally" rising fuel prices in the country.

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).

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. There is a pressure on oil prices due to a decrease in production. The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday. "Secondly, global currencies have weakened against the USA dollar", Pradhan had said in Surat.

"As for the Rupee, it has depreciated by about 11 per cent against the U.S. dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment".

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

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