Drivers hit by worst rise in petrol price in 18 years

06 June, 2018, 10:55 | Author: Elaine Woods
  • Petrol prices are set to drop around the country

Today's petrol price in Kolkata is Rs 80.47, down by 13 paise; in Mumbai Rs 85.65, cut by 12 paise and Chennai Rs 80.80, down by 14 paise.

In what seems to be another day of relief for citizens and commuters in the country, petrol and diesel prices were cut for the seventh consecutive day on Tuesday. Diesel price in Delhi was Rs 68.80 per liter and Rs 73.25 in Mumbai. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.

The ACCC reports the increase in retail petrol prices since the March quarter 2018 has been influenced by a number of factors, including the agreements in late-2016 by the Organisation of Petroleum Exporting Countries (OPEC) cartel and some other producing countries to cut crude oil production.

As well as the higher global market price of crude, the pound's current weakness against the U.S. dollar also makes petrol more expensive as oil is traded in dollars.

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Brisbane saw the highest average petrol prices of Australia's major cities for the March quarter, hitting 138.2 cents per litre.

Shaw and Partners analysts forecast the oil price to gain strength over the next 18 months, which is likely to flow onto the bowser.

Sudden hike in petrol and diesel prices was a result of uptick recorded in worldwide crude oil that had gone up due to multiple global factors- fear of new USA sanction on Iran and short supply.

While the price of oil passed the $80 a barrel mark (£60) - the price which equates to 4% of GDP - two times during May. The outcome of the meeting of the oil producing countries later this month will determine the future prices of oil.

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