Petrol prices soared to fresh record high in metros Delhi and Mumbai on Tuesday. In case of national capital Delhi, petrol price hit an all-time high, and were retailing at above Rs 79. One litre of petrol is selling for Rs 79.31 in Delhi, up by 16 paise since yesterday. Petrol is retailing at Rs 86.72 in Mumbai, implying a hike of 16 paise from previous levels. Petrol is priced at Rs 82.22 for one litre in Kolkata and Rs. 83.41 per litre in Chennai, data from IOC app showed. The revised rates are applicable from 6 am on September 4th. Notably, this is the tenth consecutive day of petrol and diesel hike by the oil marketing companies.
Yesterday, former Union Finance Minister P. Chidambaram said the Centre and states must act together to bring petrol and diesel under GST immediately. “Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly,” P Chidambaram tweeted.
U.S. oil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. U.S. West Texas Intermediate (WTI) crude futures were at $70.05 per barrel at 0353 GMT, up 25 cents, or 0.4 percent from their last settlement, Reuters reported.
Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane. International Brent crude futures, by contrast, lost ground, trading at $78.07 per barrel, down 8 cents from their last close, said the agency report.