Petrol price today: PM Narendra Modi held a meeting On Monday with oil companies, Saudi Arabia Oil Minister Khalid A Al-Falih, and other key stakeholders to find a resolution to India’s oil problem arising on account of the double whammy of rising crude oil prices and falling rupee.
Petrol price today: Oil marketing companies changed fuel prices on the 11th consecutive day by raising petrol prices by 11 paise to Rs 82.83 per litre in Delhi on Tuesday. In Mumbai, petrol is retailing at Rs 88.29, an increase of 11 paise, while in Chennai and Kolkata is selling at Rs 86.10 per litre and Rs 84.76 per litre, an increase of 22 paise, 22 and 11 paise respectively.
Diesel is retailing at Rs 75.69 per litre in New Delhi, Rs 77.65 per litre in Kolkata, Rs 79.35 per litre in Mumbai and Rs 80.04 per litre in Mumbai today.
Modi government had cut fuel rates through excise duty reduction and oil company subsidy with effect from October 5, in wake of rising petrol and diesel prices. The government cut excise duty by Rs 1.50 per litre and directed state-run oil marketing firms to subsidise fuel by Rs 1 per litre, which resulted in a combined reduction of Rs 2.50 per litre. However, the entire Rs 2.5 a litre relief on diesel prices, including Re 1 per litre loss absorption by OMCs, got erased on Monday, October 15, after 10 consecutive increases, due to elevated crude oil prices and the continued fall in rupee.
Meanwhile, PM Narendra Modi held a meeting with oil companies, Saudi Arabia Oil Minister Khalid A Al-Falih, and other key stakeholders to find a resolution to India’s oil problem arising on account of the double whammy of rising crude oil prices and falling rupee. Modi requested oil-producing nations to review the ‘payment terms’ with India so that the rupee gets some support.
The rupee has witnessed its worst fall in 2018 in over five years, falling about 15% from its 63/USD level in January 2018 to above 74/USD level in October. This year, the Indian rupee at the current levels is the worst performer among Asian currencies and is only ahead of the Argentine Peso, Turkish Lira and South African Rand. Breaking all records, the rupee breached the 74/USD mark for the first time on October 5 and hit a record low of 74.4825 against the greenback on October 11.
On Tuesday, oil prices rose on signs of falling Iranian oil exports ahead of U.S. sanctions in November, the Reuters reported. International benchmark Brent crude for December delivery rose 9 cents, or 0.1%, to $80.87 per barrel by 0032 GMT.