Petrol prices hit four-year high

06 June, 2018, 10:53 | Author: Darnell Patrick
  • Prices appear to have peaked and are expected to drop by the June long weekend

Fuel prices dropped for the seventh consecutive day as petrol and diesel prices were cut by 13 paise and 9 paise, respectively, on Tuesday.

Diesel will increase by 85 cents a litre, while the price of illuminating paraffin will rise by 82 cents a litre. Diesel price in Delhi was Rs 68.80 per liter and Rs 73.25 in Mumbai.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously. USA crude ended $1.06 lower at $64.75 a barrel, after earlier touching $64.57 - its lowest since April 10. The main reason for the higher crude oil prices is the sustained production cuts by the Organization of the Petroleum Exporting Countries (OPEC).

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.


Shaw and Partners analysts forecast the oil price to gain strength over the next 18 months, which is likely to flow onto the bowser.

These factors include Middle East tensions, the potential for renewed United States sanctions against Iran and concerns over Venezuelan supply.

While the price of oil passed the $80 a barrel mark (£60) - the price which equates to 4% of GDP - two times during May. If crude prices go up as predicted then it would hit India really hard. Earlier this week, oil minister Dharmendra Pradhan ruled out daily price review of petrol and diesel but said the government was concerned about pinching fuel prices and is working on a long-term solution.

The so-called big four supermarkets - Tesco, Asda, Sainsbury's and Morrisons - raised petrol by 5.49p a litre and diesel by 5.88p in May.

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