No increase in fuel prices for September

Petrol, diesel prices at highest-ever levels on rupee woes

Despite the euro remaining strong against the dollar, it could not stop fuel from rising.

Petrol was being sold at Rs 86.56 per litre (increased by Rs 0.31 per litre) in Mumbai while diesel spurted to a new high of Rs 75.54 per litre (increase by Rs 0.44 per litre).

On Wednesday fuel prices will increase by just 4.9c per litre, the department of energy announced on Monday. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the United States, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue. Oil minister Dharmendra Pradhan had attributed the sudden peak to the rise in global crude prices and devaluation of the rupee.

Petrol and diesel prices in the country have touched their highest levels on Monday. "Apart from that, crises in countries like Venezuela and Iran are increasing". OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. There is a pressure on oil prices due to decrease in production. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018.

How are petrol prices calculated? "Secondly, global currencies have weakened against the U.S. dollar", he had said.

With the updated prices, the petrol and diesel prices are continuing to haunt the citizens with its rising value.

The already high fuel prices continue to surge for 10th straight day.

Trend of diesel prices since the beginning August.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the United States sanctions on Iran and Saudi Arabia's decision to cut oil production. This had also led to several transport unions holding agitations in July and demanding the government to bring petrol and diesel under the ambit of GST.

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