Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Fuel prices are going up unabated as petrol prices in the country’s financial capital Mumbai crept up to the psychological Rs 90 a litre-mark, being sold at Rs 89.69 on Friday.
The same trend was witnessed across the major cities while diesel rates were unchanged for the third consecutive day.
In Delhi, petrol was sold at Rs 82.32 per litre, up from Rs 82.22 per litre on Thursday, as the data on the website of Indian Oil Corp showed.
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In Kolkata and Chennai, petrol was priced at Rs 84.16 and Rs 85.58 per litre, respectively, up from Rs 84.07 and Rs 85.48 per litre.
Diesel prices in Delhi, Kolkata, Mumbai and Chennai were unchanged at Rs 73.87, Rs 75.72, Rs 78.42 and Rs 78.10 per litre, respectively.
High crude oil prices and a falling rupee have added to the cost of transportation fuel since August 1. Depreciation in the Indian rupee against the US dollar makes the import of crude oil expensive as the transaction is done in dollars.
The cost of fuel in all the key cities except Kolkata are at their record levels. The all-time high price of diesel in the West Bengal capital was Rs 75.82, recorded on September 11.
Earlier this week, the West Bengal government reduced the excise on petrol and diesel by Re 1 per litre each after Karnataka had announced that petrol and diesel would be cheaper by Rs 2 per litre each across the state from Tuesday following the reduction in cess on these fuels.
(With agency inputs)
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