Petrol Gets Closer to its Highest Ever Price After New Hike

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    Petrol and Diesel prices were hiked again for the fourth straight day this week across India. State-owned oil company Indian Oil revised rates on May 17 by 22 to 24 paise in metro cities, heading towards new record-breaking prices.

    Petrol Gets Closer to its Highest Ever Price After New Hike

    Petrol prices per litre in metro cities in rupees:

    City May 17 May 16 Difference
    Delhi 75.32 75.1 0.22
    Kolkata 78.01 77.79 0.22
    Mumbai 83.16 82.94 0.22
    Chennai 78.16 77.93 0.23

    Diesel hit its all-time high at Rs 66.79 per litre in Delhi after a hike of 22 paise. Rates in metro cities per litre in rupees:

    City May 17 May 16 Difference
    Delhi 66.79 66.57 0.22
    Kolkata 69.33 69.11 0.22
    Mumbai 71.12 70.88 0.24
    Chennai 70.49 70.25 0.24

    Petrol now costs Rs 75.32 per litre in Delhi, just 97 paise away from crossing the all-time high of Rs 76.06 per litre on 14 September 2013. The rise in fuel prices is not expected to slow down any-time soon as international rates have been on a steady rise. Also Read: How Will Rising Fuel Affect Your Budget and Investments?

    City May 17, 2018 Sept 14, 2013 Difference
    Delhi 75.1 76.06 0.96
    Kolkata 77.79 83.63 5.84
    Mumbai 82.94 83.62 0.68
    Chennai 77.93 79.55 1.62

    Global crude oil trademark Brent is trading at its highest level since November 25, 2014, touching over $79 per barrel this week. Robust oil demand, a devastating economic crisis in Venezuela (that has cut its oil production) and US' decision to reimpose sanctions on Iran (third largest oil producer among OPEC countries) have aided the increase in crude oil prices.

    As a large importer of oil, prices have affected India's current deficit, putting pressure on the rupee. The trade deficit for 2017-18 increased to $156.8 billion from $105.72 billion in the last year.

    Meanwhile, US reported a record-high monthly increase in oil production of 144,000 BPD (barrels per day), strengthening the American dollar further. Crude oil prices, however, are expected to rise even more in the coming days from escalation tensions around Israel after the US moved its embassy from Tel Aviv to Jerusalem, igniting protests in Gaza.

    Check petrol prices in your state capital below: (Prices per litre in rupees)

    State Capital Prices
    Agartala 71.14
    Aizwal 71.26
    Ambala 75.44
    Bangalore 76.54
    Bhopal 80.89
    Bhubhaneswar 74.15
    Chandigarh 72.44
    Dehradun 76.89
    Gandhinagar 74.64
    Gangtok 78.35
    Guwahati 77.42
    Hyderabad 79.78
    Imphal 73.42
    Itanagar 71.27
    Jaipur 78.04
    Jammu 77.07
    Jullunder 80.55
    Kohima 73.8
    Lucknow 76.37
    Panjim 69.41
    Patna 80.82
    Pondicherry 74.15
    Port Blair 64.96
    Raipur 75.75
    Ranchi 75.53
    Shillong 74.72
    Shimla 75.5
    Srinagar 79.77
    Trivandrum 79.39
    Silvasa 73.28
    Daman 73.21

    Diesel prices in state capitals: (Per litre in rupees)

    State Capital Prices
    Agartala 64.92
    Aizwal 64.13
    Ambala 67.3
    Bangalore 67.94
    Bhopal 70.29
    Bhubhaneswar 71.59
    Chandigarh 64.86
    Dehradun 67.11
    Gandhinagar 71.78
    Gangtok 68.55
    Guwahati 69.7
    Hyderabad 72.6
    Imphal 64.88
    Itanagar 64.11
    Jaipur 71.16
    Jammu 67.96
    Jullunder 66.77
    Kohima 65.17
    Lucknow 66.94
    Panjim 67.97
    Patna 71.45
    Pondicherry 69.01
    Port Blair 62.64
    Raipur 72.12
    Ranchi 70.53
    Shillong 66.6
    Shimla 66.45
    Srinagar 70.18
    Trivandrum 72.51
    Silvasa 67.6
    Daman 67.53

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