Fuel prices to remain unchanged: Radebe

04 September, 2018, 17:24 | Author: Dave Hampton
  • Fuel prices to remain unchanged: Radebe

In a surprise announcement from minister of energy Jeff Radebe on Monday afternoon, fuel prices will remain unchanged for September, except for a 4.9 cents per litre increase in the retail margin of petrol to cater for the annual salary increase for forecourt attendants, cashiers and other admin staff. 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. A litre of petrol costs maximum in Mumbai where it is available at Rs 86.56.

In Chennai, the price of petrol increased from Rs 82.24 per litre to Rs 82.41. The price of petrol rose to Rs 86.56 a litre in Mumbai and Rs 79.15 per litre in Delhi on Monday.

The rupee, which lost 10 paise against the United States dollar in late afternoon trade on Monday, ended at a new record low of 71.10.

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On Tuesday, petrol and diesel prices continued to witness the unprecedented rise. Because the price is built up by excessive taxes on petrol and diesel.

Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of USA sanctions begins. In Kolkata, a litre of petrol cost Rs. 82.06, while in Chennai it was priced at Rs. 82.24.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the USA sanctions on Iran and Saudi Arabia's decision to cut oil production. Diesel was at Rs 75.54/litre, up by Rs 0.44/litre.

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Former Finance Minister P Chidambaram slammed Bharatiya Janata Party (BJP)-led Centre for neglecting the historical rise in fuel prices and failing to implement any measures to contain the surge. "This is further hurting Asian currencies", the official said.

Nearly half of the fuel price is made up of taxes. Delhi charges a Value-Added Tax of 27% on petrol and 17.24% on diesel.

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