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No end to fuel price hike, climbs to new high

IANS  |  New Delhi 

A depreciating rupee and expensive further pushed domestic fuel prices to new record highs on Monday even as a united Opposition led by the staged a nationwide shutdown protest against the rising prices.

Petrol in rose by 23 paise to 80.73 per litre, while it rose by 22 paise, 25 paise and 23 paise in Kolkata, and to 83.61, 83.91 and Rs 88.12 a litre respectively, as per the Indian Corporation (IOC) website.

Similarly, diesel price rose by 22 paise in and to Rs 72.61 and Rs 75.46 per litre respectively, while it rose by 23 paise a litre to Rs 76.75 and Rs 77.09 per litre in and respectively. Extra premium petrol is selling at Rs 90.87 in

Fuel prices began an almost unbroken northward march since August 1. They fell only once on August 13 in the last 41 days. Prices surged on 29 days and remained unchanged on 11 days, and have been breaching record levels for more than a week now.

Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices. The rupee on Monday touched an all-time low of Rs 72.67 against the US dollar.

Also, high global cost has become a major concern for the country which is a net importer of oil. The UK Brent price hovers around $77 per barrel.

Since the start of the calendar year, the petrol price in has gone up by 15.4 per cent from Rs 69.97 on January 1, 2018. The hike in diesel price has been even more steep. It has gone up by 22 per cent since January 1, 2018 when it was Rs 59.70.

A multi-party Opposition, led by Rahul Gandhi, on Monday staged a 1.8-km foot march between here in support of a 'Bharat Bandh' called by his party against the rising fuel prices.

The rising diesel price is expected to flare up inflation as the fuel is primarily used to transport most of the goods including

As per the country's mechanism, the domestic fuel prices are dependent upon the international fuel prices on a 15-day average and the value of the rupee.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 10 2018. 16:12 IST
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