After Announcement of price hike of petroleum price in India, the price of petrol and diesel in India reaches NRs 138.50 and NRs 121 respectively. However the price of petrol and diesel is NRs 111 and NRs 95 respectively.

The price of petrol rose to a new high of Rs 86.56 a litre (increase by Rs 0.58/litre) in Mumbai on Monday, September 3. The last all-time high witnessed by the metropolitan city was Rs 86.06 on September 01. In Delhi, the petrol price touched Rs 79.15 per litre — increase by Rs 0.31/litre.

Diesel, too, hit a new high of Rs 75.54/litre (up by Rs 0.44/litre) in Mumbai and Rs 71.15/litre (up by Rs 0.39/litre) in Delhi on September 3, ANI reported.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan Sunday blamed “external factors” for the rise in domestic prices of petrol and diesel, but said the increase is temporary.

Talking to reporters on the sidelines of a conclave organized in Surat, Pradhan said the factors responsible for the drop in production of crude oil have caused a spike in fuel prices in India. “I would like to mention two points, and both these subjects are external. OPEC (Organization of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. “Apart from that, crises in countries like Venezuela and Iran are increasing. There is a pressure on oil prices due to a decrease in production. Secondly, global currencies have weakened against the US dollar,” he said.

Earlier the fuel prices were revised on 1st and 16th of every month, however starting from mid-June last year oil companies dumped the practice and instead the fuel prices are now being revised every morning and come in effect from 6 am.

The effect of rising crude oil prices in the global market has also contributed to the weakening of the Indian Rupee which sank to Rs 71 per US dollar days ago.

Courtesy: The Indian Express