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Petrol, diesel prices hit record high for 10th consecutive day, Modi govt under fire

Petrol and diesel prices in Delhi have increased by 13% and 19% this calendar year so far. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the US, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

business Updated: Sep 04, 2018 10:30 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Petrol prices,Diesel prices,Modi govt
Petrol price in Delhi was Rs 79.31 a litre, up from Rs 78.84 on Sunday, according to the price notification of state-owned fuel retailers.(HT File Photo )

Petrol and diesel prices rose for the 10th consecutive day on Tuesday, pinching people’s pockets across India and providing ammunition to opponents of the Prime Minister Narendra Modi’s government.

Petrol is priced at Rs 79.31 per litre and Rs 86.72 per litre in Delhi and Mumbai. Petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre.

Diesel is priced at Rs 71.34 in Delhi, Rs 74.19 in Kolkata, Rs 75.74 in Mumbai and Rs 75.39 in Chennai.

Petrol and diesel prices in Delhi have increased by 13% and 19% this calendar year so far. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the US, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

Petroleum and natural gas minister Dharmendra Pradhan had on Sunday blamed “external factors” for the rise in domestic prices of petrol and diesel, adding that this phase could be a temporary one.

“I would like to mention two points, and both these subjects are external. OPEC (Organisation 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 decrease in production. Secondly, global currencies have weakened against the US dollar,” Pradhan had said in Surat.

But the Opposition launched a fresh offensive on the government over the hike in fuel prices.

“Dear Modiji, please show some kindness on a festival day...Your jumlas are not taxed, but when will you reduce the tax on petrol-diesel? In Expectation -Distressed People,” Congress’ chief spokesperson Randeep Singh Surjewala tweeted on Monday, referring to the festival of Janmashtami.

“The value of rupee is falling down rapidly with every passing day. I am not surprised if it touches Rs 100 per dollar in the coming days. The prices of petrol and diesel are shooting up steeply and very soon, the price of petrol might touch Rs 100 per litre,” said Andhra Pradesh chief minister N Chandrababu Naidu on Monday.

Delhi chief minister Arvind Kejriwal on Monday said the government had made a “mess” of the economy.

First Published: Sep 04, 2018 10:03 IST