tiptrot.com June 24, 2018

Drivers hit by worst rise in petrol price in 18 years

06 June 2018, 10:53 | Cedric Leonard

Prices appear to have peaked and are expected to drop by the June long weekend

Prices appear to have peaked and are expected to drop by the June long weekend

Price of non-branded diesel was also reduced to Rs 68.80 per litre in New Delhi, Rs 71.35 per litre in Kolkata, Rs 73.25 in Mumbai and Rs 72.64 per litre in Chennai.

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

Public sector oil manufacturing companies on Tuesday slashed petrol and diesel prices by 13 paise per litre and 9 paise per litre, respectively.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

As well as the higher global market price of crude, the pound's current weakness against the United States dollar also makes petrol more expensive as oil is traded in dollars.

Petrol pump prices rose at the fastest rate for almost two decades last month. In real terms, average prices in the March quarter 2018 were the highest since the September quarter 2015 (138.5 cpl).

Motorists are copping increasing costs at the petrol pump.

The Organisation of the Petroleum Exporting Countries comprises 14 member nations including Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar and the UAE.

Recently, Goldman Sachs projected an oil price hike to USD 83 per barrel, Morgan Stanley predicted oil hitting USD 90 per barrel, and Bank of America Merrill Lynch said that crude oil could hit USD 100 per barrel by next year.

According to the website of Indian Oil Corporation Limited (IOCL), the price of petrol was retailing at Rs 77.83/litre in the national capital; Rs 80.47/litre in Kolkata; Rs 85.65/litre in Mumbai; Rs 80.80/litre in Chennai and Rs 79.10/litre in Bengaluru.

Sudden hike in petrol and diesel prices was a result of uptick recorded in worldwide crude oil that had gone up due to multiple global factors- fear of new U.S. sanction on Iran and short supply.

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