Petrol prices have hit an all-time high in Mumbai. 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". The price of petrol increased by Rs 0.31 per litre while that of diesel was hiked by Rs 0.39 per litre. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018.
Post the price hike, non-branded petrol was priced at Rs 79.31 per litre in Delhi while diesel costs Rs 71.34 per litre - the highest-ever prices recorded in the country's history. There is a pressure on oil prices due to decrease in production.
Energy minister Jeff Radebe said this week that they had taken a once-off decision to only factor in a retail margin increase of 4.9c per litre of petrol for the month.
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But the Opposition launched a fresh offensive on the government over the hike in fuel prices. "You can then buy petrol paying a dollar", he said.
"As for the Rupee, it has depreciated by about 11 per cent against the United States dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment".
Globally, oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once USA sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.
According to reports, the fuel prices are cheapest in Delhi as compared to the other metro cities and state capitals following the lower sales tax or Value Added Tax (VAT).