No full petrol price increase for South Africa this month - Government intervention

No full petrol price increase for South Africa this month - Government intervention

CPI (M) politburo member Md Salim said, "The BJP had promised to cool down petrol and diesel prices in its manifesto but now they are trying to justify the steep, record-breaking prices of petro-products".

The fuel prices have been on fire since the beginning of August due to rising crude oil prices and low value of rupee against the U.S. dollar.

In Kolkata, Chennai and Mumbai, the fuel was priced at Rs 82.06, Rs 82.24 and Rs 86.56 per litre, respectively, all a new record, against Rs 81.76, Rs 81.92, Rs 86.25 on Sunday.

The report stated that the "urgent" fuel price intervention measure was announced by energy minister Jeff Radebe.

Petrol is being sold Rs.0.31 higher at Rs 79.15 per litre, while diesel prices have been hiked by Rs.0.39 to Rs 71.15 per litre.

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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. He also said that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India.

"Due to the high dependence on imports of crude oil to meet domestic consumption, an increase in crude oil prices increases the current account deficit which is weighing down on the Rupee", it added. Monday's figures breached the previous highs recorded on May 28 this year when the petrol prices were at Rs 86.24 in Mumbai and Rs 78.43 in Delhi. There is a pressure on oil prices due to decrease in production.

Given the constant rise in prices, the Congress Party has been demanding bringing petrol and diesel under the ambit of the Goods and Services Tax (GST). "Secondly, global currencies have weakened against the United States dollar", he said. If the current trend continues, both petrol and diesel prices will have a double digit price growth in the current fiscal year.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies.

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

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