ibusinesslines.com
ibusinesslines.com May 22, 2018


Petrol price soars close to Rs 75 a litre in Delhi

17 May 2018, 01:01 | Melissa Porter

Pocket pinch: Fuel prices hiked again across India within 19 days

As Brent Crude Creeps Around $80-Mark Indians Could Soon Feel the Heat

In the third hike in a row after the Karnataka elections ended on Saturday, state-run oil marketing companies raised the prices of petrol and diesel on Wednesday. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai.

At the BPCL outlets, petrol and diesel were priced at Rs. 79.19 and Rs. 71.85 respectively.

Petrol will now cost Rs 75 per litre in Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.

G Vinay Kumar, General Secretary of Telangana Petroleum Dealers Association said petrol and diesel prices would keep increasing by 20-30 paise every day until both the Centre and State reduce the taxes. It was sold at Rs 66.36, Rs 68.90, Rs 70.66 and Rs 70.02 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.


Prices of transport fuels, rose for the third consecutive day after the International Olympic Committee resumed the dynamic pricing system on Monday after a 19-day halt.

Fuel prices are determined by two primary factors - global crude oil prices as well as the rupee-dollar forex rate.

"The increase in petrol and diesel prices is on account of price movement of the products in the worldwide market". Moreover, the rupee is also down more than 6% against the USA dollar so far this year. Meanwhile, worldwide crude price settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.

Abhishek Bansal, Chairman, ABans Group, a commodity trading company, said that oil is the most basic commodity and any gradual effect of rising prices may have adverse effect on many other commodities and industries.



Other News

Trending Now

Pope Francis condemns Gaza killings, says Mideast needs justice, peace
This is our Christian vocation, Pope Francis continued, to walk as sons and daughters of the light, persevering in faith. The Pope held the first meeting with the Bishops on Tuesday afternoon in the auletta of the Paul VI Hall.

Top Novartis lawyer steps down over Michael Cohen payments
Ehrat will be replaced starting from June 1 by Shannon Thyme Klinger, who is now Novartis's ethics, risk and compliance officer. He said the company continued to pay him because it feared litigation over a premature termination of the agreement.

Standalone 'Star Wars' film about Lando Calrissian in the works
Right now, Donald Glover is absolutely on fire and he's being singled out as the best thing about Solo . Even Premiere and ComicBook both note the long-gestating chatter around an Obi-Wan film.

Pokemon Switch reportedly stars Pikachu and Eevee
In her blog post, Rogers also talks about what the game could be like, something we're sure many gamers are wondering about. Some elements from more recent games will also be added, including the PokeRide feature from Pokemon Sun and Moon.

Design Patent Battle Revives Between Samsung and Apple
The current dispute is over roughly $400 million that Samsung was ordered to pay in damages over the design patent infringement. Apple has disputed that while it's a much of money, " Samsung violated millions and millions and millions of times".

5 people dead as severe storms lash Northeast
The Brookfield Police Department said on its Facebook page that First Selectman Steve Dunn had "declared a town disaster". Connecticut State Police also confirmed that someone in New Fairfield was killed after a tree landed on their auto .

Cyclone men's golf tied for lead after second day at Stockton Regional
Top-seeded Oklahoma shot five-under, giving themselves a five-stroke cushion over Auburn, Arkansas, and North Florida at even par. Farmingdale State will play with #2 Huntingdon, #9 Claremont-Mudd-Scripps and defending National Champion Whittenberg.