OIL & GAS

Fuel prices to pinch harder as crude tops $83/barrel

Fuel prices are going to pinch harder, with international oil prices topping $83 a barrel on Monday amid supply crunch and rising demand on global economic recovery. The cascading effect saw fuel retailers raising pump prices of petrol and diesel for the seventh straight day on Monday, pushing them to fresh record.

In Delhi, which taxes fuels moderately in comparison to a majority of states, among petrol price rose by 30 paise to Rs 104.44 a litre and diesel by 35 paise to Rs 93.17.

Mumbai continued to be the costliest metropolis in terms if fuels. Petrol price rose by 29 paise a litre to Rs 110.41/litre and diesel price increased by 37 paise to Rs 101.03.

High diesel prices will stoke inflation as it is mainly consumed by the transport, farm and construction sectors, which has a cascading effect. Politically, the record diesel prices may add to the anger of farmers, who are agitating against the Cenntre’s farm laws, ahead of the crucial UP assembly poll.

Fuel prices began their record-breaking spree after a gap of 67 days since July 17 when retailers started raising pump prices as crude rose to a three-year high of $80 a barrel last month.

Source
ET Energy World
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