Petrol, diesel prices soar to record highs

Petrol prices

Petrol is priced at Rs 79.31 per litre and Rs 86.72 per litre in Delhi and Mumbai. "This unsuccessful government should take some measures to curb the prices", Vohra said.

The government has been under huge pressure to cut excise duty on petrol and diesel to bring the prices of fuel oil down. Diesel was at Rs 75.54/litre, up by Rs 0.44/litre.

The prices of CNG and piped natural gas (PNG) were also hiked in metro cities since the price of gas procured by city distributors is mostly dollar-denominated.

Radebe said that the fuel price was driven by worldwide factors - such as the rand exchange rate, the global price of crude oil.

Fuel prices will be rising once more this morning, with the price of diesel suffering its biggest increase since May.

Diesel is being sold at Rs 71.15 in Delhi, Rs 74 in Kolkata, Rs 75.54 in Mumbai and Rs 75.19 in Chennai.

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External factors: The exchange rate - that is the price of the dollar vs the rand. "I would like to mention two points, and both these subjects are external".

Thanks to that intervention, the price a litre of 95-octane petrol will go up on Wednesday from R15.44 to R15.49 at the coast and from R16.03 to R16.08 in Gauteng. "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.

This takes the global price of crude oil and the value of the rand against the dollar into account. "Apart from that, crises in countries like Venezuela and Iran are increasing. Secondly, global currencies have weakened against the U.S. dollar", Pradhan had said in Surat. There is a pressure on oil prices due to decrease in production.

The Central Excise Duty is levied by the central government.

Also driven by higher oil prices and robust non-oil import demand, Moody's expects the current account deficit to widen to 2.5 per cent of GDP in the fiscal year ending March 2019, from 1.5 per cent in fiscal 2018.

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