INSUBCONTINENT EXCLUSIVE:
Petrol, diesel prices today: Fuel prices vary from state to state due to local levies.Continuing the upward streak, the prices of petrol and
diesel hiked again on Monday, hitting an all-time high in Delhi, Mumbai, Kolkata and Chennai
Oil marketing companies (OMCs) increased fuel rates for the ninth consecutive day
A litre of petrol is selling at Rs 79.15 in Delhi, Rs 86.56 in Mumbai, Rs 82.24 in Chennai and Rs 82.06 in Kolkata
Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june
2017.Diesel prices rose to its highest levels of Rs 71.15 a litre in Delhi and Rs 75.54 in Mumbai today
issued by state-owned oil firms.Fuel prices vary from state to state due to local levies
The revised rates are applicable from 6 am on September 3, 2018
The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel
in the country.Since August 16, petrol prices have risen by over Rs 2 per litre
Diesel prices on the other hand have risen by Rs 2.42 a litre during this period
to officials, the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a
reported news agency Press Trust of India (PTI).Globally, oil prices fell on Monday amid rising supply from OPEC and the United States,
outweighing concerns that falling Iranian output will tighten markets once US sanctions bite from November
Output from the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) rose by 220,000 barrels per day (bpd)
between July and August, to a 2018-high of 32.79 million bpd, a Reuters survey found.Many analysts have warned that an economic slowdown
because of trade disputes between the United States and other major economies including China and the European Union would drag on oil
demand, reported Reuters.Meanwhile, the Indian rupee recovered from all-time low of 71 and rose by 23 paise to 70.77 against the US dollar
in early trade today on robust GDP (Gross Domestic Product) growth data for the April-June quarter of current fiscal
