Fuel prices, barring one, to remain unchanged

Fuel prices, barring one, to remain unchanged

Fuel prices, barring one, to remain unchanged

Rising fuel prices may also compel travel agents to increase rates by 10% for private cars/buses hired for picnics and weddings, sources said.

As petrol and diesel prices hit new highs on Monday, former Union Finance Minister P. Chidambaram said the Centre and states must act together to bring petrol and diesel under GST immediately. Petrol and diesel prices vary from state to state due to local levies. While petrol costs ₹86.72 a litre, diesel is priced at ₹75.74 a litre.

Petrol price in Delhi rose to a record Rs 79.15 a litre and diesel climbed to a fresh high of Rs 71.15, according to price notification of state-owned fuel retailers.

Fuel prices continued to rise on Monday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.

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In the national capital, prices of petrol and diesel surged 16 paise/litre and 19 paise/litre, respectively.

Petrol and diesel prices in the country have touched their highest levels on Monday. There is a pressure on oil prices due to decrease in production. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the USA, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue. The prices of both petrol and diesel were raised by the Oil Marketing Companies (OMCs). This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to United States dollars 100. "Secondly, global currencies have weakened against the U.S. dollar".

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. Apart from crude oil prices in the global market and the weakening rupee, one of the factors affecting fuel prices is the high value added tax (VAT) in the state of Maharashtra.

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