Expect bigger petrol price increases following government intervention

Petrol prices

The consistent hike in fuel prices has led the opposition parties to blame the Modi government for mismanagement.

In Chennai, the price of petrol increased from Rs 82.24 per litre to Rs 82.41.

In a media statement, the department said that South Africa had witnessed "sustained increases in fuel prices for the past few months, which placed a strain on the consumers". Diesel costs Rs 71.34/litre in Delhi, Rs 75.74/litre in Mumbai, Rs 75.39/litre in Chennai and Rs 74.19/litre in Kolkata, according to daily price notification by oil marketing companies. In the national capital, the petrol is being sold at Rs 79.31/litre while the price of diesel is at Rs 71.34/litre.

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In Mumbai, the Petrol at Rs 86.56/litre (increase by Rs 0.31/litre) and diesel at Rs 75.54/litre (increase by Rs 0.44/litre).

Meanwhile, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan last week blamed the "isolated" policies of the USA for the "abnormally" rising fuel prices in the worldwide markets.

Petrol and diesel prices in the country have touched their highest levels on Monday. "The situation in Iran has also made situation tensed and they are also a factor for the hike in fuel prices", he said.

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"Apart from that, crises in countries like Venezuela and Iran are increasing". This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to Dollars 100.

The output from the OPEC rose by 220,000 barrels per day (BPD) in August to a 2018 high of 32.79 million bpd, a Reuters survey found. There is a pressure on oil prices due to decrease in production.

Arguing that one can not blame the state government for rising prices, he said the Centre and states must act together and bring petrol and diesel under GST. "Secondly, global currencies have weakened against the USA dollar", he said.

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Roodt said he thinks the government has drawn on crude oil reserves that "had been hidden somewhere" or "they had a spare pot of cash somewhere in the ministry" to make the intervention possible.

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