Petrol, diesel prices reach new high

Petrol, diesel prices reach new high

Agency News

New Delhi, Sep 1: Petrol and diesel prices touched a new high on Saturday across the four major metros after oil marketing companies enhanced the rates for seventh consecutive day.

With 16 paise hike, petrol was selling in Delhi at a price of Rs 78. 68 per litre, Rs 86. 09 per litre in Mumbai, Rs 81.60 per litre in Kolkata and Rs 81.35 per litre in Chennai. The revised rates are applicable from 6 am on August 30, 2018. Fuel is cheapest in Delhi among all metros and most state capitals due to lower sales tax or VAT (Value Added Tax).

Fuel rates have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a new record low of 70.82 today. Diesel can be purchased today at Rs. 69.93 per litre in Delhi. Diesel can be bought at Rs. 74.24 per litre in Mumbai, Rs. 72.78 per litre in Kolkata and Rs. 73.88 per litre in Chennai, according to daily price notification issued by state-owned oil firms.

Diesel prices this week hit their highest level, crossing the previous peak of Rs. 69.31 a litre reached on May 29. Petrol rates are however yet to hit the new record high of May 29, when they touched Rs. 78.43 a litre in Delhi.

Globally, Oil prices inched up today, extending solid gains from the previous session on a fall in U.S. crude inventories and expected disruptions to supply from Iran and Venezuela. (UNI)