No increase in fuel prices for September

Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

In Mumbai, Kolkata and Chennai, petrol prices went up by in the range of 30-32 paise a litre, with the fuel selling for Rs 82.06 per litre in Kolkata, Rs 86.56 in Mumbai, and Rs 82.24 in Chennai, according to data provided by IOC. New Pakistan Prime Minister Imran Khan last week announced a cut in petrol, diesel and kerosene oil prices to contain the rising inflation. The last recorded all-time high in Mumbai was Rs 86.24 on May 29, but this time also the steepest in any of the other major metro cities.

Under the dynamic pricing system for transport fuels, the Indian Oil Corporation (IOC) revises fuel prices based on global crude oil prices every day at 6 am.

Due to the dramatic fall in the value of rupee and a surge in crude oil prices, state-owned oil firms on Monday increased the prices of both petrol and diesel in Mumbai to a new high.

Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country. Petrol price in Delhi rose to a record Rs 79.15 a litre, Rs 8 more than the diesel, which is also at a record high.

In Kolkata and Chennai petrol touched Rs 82.06 and Rs 82.24 per litre while diesel increased to Rs 74 per litre and Rs 75.19, respectively.

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The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated.

Also, crude oil has gained $7 a barrel in a fortnight, driven by fears that the USA sanctions on Iran will likely contract supplies.

However, petrol will increase by 5 cents-per-litre on Wednesday.

CNG now costs ₹42.60 per kg in Delhi and ₹49.30 per kg in Noida, Greater Noida and Ghaziabad.

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