Fuel prices touch new high on low INR

Fuel prices touch new high on low INR

Due to the dramatic fall in the value of rupee and a surge in crude oil prices, state-owned oil firms on Monday increased the prices of both petrol and diesel in Mumbai to a new high.

The price of petrol increased to a new all-time high of Rs 86.72 per litre in Mumbai on Tuesday, increasing 16 paise from the day before.

The government has been under huge pressure to cut excise on fuel as the prices have breached the previous record high hit on May 29. Also, watch interviews of top CEOs. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday. Petrol prices increased by Rs 0.31 per litre and touched Rs 79.15 per litre in Delhi. The price of Brent oil increased to $78 a barrel on Monday. This broke the last record of Rs 86.24 a litre for petrol and Rs 73.79 a litre for diesel on May 29. There is a pressure on oil prices due to decrease in production.

Tropical Storm Gordon Forms, Warnings Issued
A hurricane watch was issued for the Gulf Coast from the mouth of the Pearl River to the Alabama-Florida border. Tropical Storm Gordon, now off the coast of South Florida, will move northwest over the next three days.

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. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the U.S., and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

Fuel prices in other cities have also been on the rise. "Secondly, global currencies have weakened against the USA dollar", he had said.

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. Oil company officials said price rise over two weeks has been mainly due to fluctuations in the rates of worldwide crude and a further weakening of the rupee vis-a-vis the dollar.

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