Petrol price to rise by 5 cents

Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

Similarly, the price build-up of diesel in Delhi at ₹71.15 a litre includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46 (including Value-Added Tax on dealer commission).

Fuel prices continued to rise on Monday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.

He also said that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India.

Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of USA sanctions begins.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the United States dollar. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country. There is a pressure on oil prices due to a decrease in production. "Secondly, global currencies have weakened against the USA dollar". Iran is the third biggest producer in the Organisation of the Petroleum Exporting Countries (OPEC). The prices of both petrol and diesel were raised by the Oil Marketing Companies (OMCs).

The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend.

Earlier, France-based BNP Paribas had said that because of the United States sanctions on Iran, oil production from the OPEC would come down from an average of 32.1 million barrels per day in 2018 to 31.7 million in 2019. Oil company officials said price rise over two weeks has been mainly due to fluctuations in the rates of global crude and a further weakening of the rupee vis-a-vis the dollar.

This takes the global price of crude oil and the value of the rand against the dollar into account.

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