Petrol price hits a record high in Mumbai

Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period

The prices of petrol and diesel touched a new high on Tuesday with Mumbai paying the maximum among the four metros.

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. An official from MSRTC said on Monday that there were no immediate plans to hike state bus fares.

Radebe said the fuel prices increases over the past few months had placed a strain on consumers. Diesel was at Rs 75.54/litre, up by Rs 0.44/litre.

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017. There are 8,000 school buses that ply on diesel in the Mumbai Metropolitan Region, which includes Greater Mumbai, Thane, Navi Mumbai, Kalyan, Panvel and Vasai-Virar.

In Kolkata and Chennai, the petrol is priced at Rs 81.76 per litre and Rs 81.93 litre respectively.

Diesel prices gain significance as the fuel is used in the transportation of farm products and a rise in the prices may push up inflation.

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Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. "If taxes are cut, prices will decline significantly", Congress leader and former finance minister P. Chidambaram said.

Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining Dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies.

Fuel prices in other cities have also been on the rise.

According to South African Petroleum Industry Association, the petrol retail price is regulated by the government.

CNG now costs Rs. 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad.

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