Petrol Prices Cross Rs 80 Mark in 3 Metro Cities as US Sanctions on Iran Set to Kick-in

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Fuel prices in India were raised for the sixth consecutive day ahead of the re-imposition of US sanctions on one of the major oil exporters, Iran. Petrol prices in three metro cities crossed the Rs 80 per litre mark to Rs 84.50 in Mumbai, Rs 80.05 in Chennai and Rs 80 in Kolkata. In the national capital, it was priced at Rs 77.06 per litre.

    Petrol Prices Cross Rs 80 Mark in 3 Metro Cities Amid US Sanctions on Iran
     

    Diesel prices per litre were also hiked to Rs 68.50 in New Delhi, Rs 72.72 in Mumbai, Rs 71.31 in Kolkata and Rs 72.35 in Chennai, according to state-owned oil retailer IOCL's official website.

    Starting 12 am (Washington time) on Tuesday, strict sanctions will be reimposed by the USA on Iran. In May, the US President Donald Trump withdrew from the Iran nuclear deal that the Obama administration had entered into, which had removed some financial penalties on the country.

    Despite opposition from US allies in Europe, China, and India, the US government wants as many countries as possible to stop buying Iranian oil.

    Talking to the reporters on Monday, a senior US administration official said, "It is our policy to get as many countries to zero as quickly as possible. We are going to work with individual countries on a case by case basis, but our goal is to reduce the amount of revenue and hard currency going into Iran."

    Two of the fastest growing economies in the world, India and China make up for 80 percent of Iran's exports. In a time where the world is already facing a shortage in oil production, this could push the fuel prices higher.

    Read more about: petrol diesel iran
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more