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September 2018
7:52 AM IST
News Headlines
Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        Naomi Osaka Eases into WTA Tokyo Event Semi-final        Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        Kannur International Airport: Kerala to be the first state with four international airports        Kim, Moon join hands on peak of sacred North Korean volcano        Birthday boy Rashid stars in Afghanistan's 136-run win against Bangladesh        Shahbaz Nadeem claims eight wickets; breaks List A world record        CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24        BAI distributes 1.6 crore to state Association        Rodrigues, Yadav help Indian women take 1-0 lead in T20 series        Sensex recovers over 100 points on value-buying, global cues        Deepak Kapoor Appointed the new Chairperson of Save the Children        
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Business News
Petrol, diesel at new high; govt hopes it is temporary
 
New Delhi, Aug 29 (PTI) With petrol and diesel prices going up by almost a rupee per litre within a fortnight, the government today hoped that the rally in global rates is temporary and they will decline soon.

Petrol price was today hiked by 13 paisa a litre and diesel by 14 paisa, taking it to a new high.

In Delhi, where the fuel is cheapest in all metros and most state capitals due to lower sales tax or VAT, a litre of petrol now comes for Rs 78.18 as against Rs 78.05 per litre rate of yesterday.

Diesel on the other hand touched a new high of Rs 69.75, up from Rs 69.61.

"I earnestly believe that this increase in oil prices is really temporary," Economic Affairs Secretary Subhash Chandra Garg told reporters here.

The fluctuations were seen coming, he said.

"The crude (oil price) had gone down to the level of USD 70 per barrel and it is back to USD 74-75, it should be temporary. It is coming out of some countries not able to produce so I hope it remains temporary. We will be able to come back USD 70-71 per barrel soon," he said.

Diesel prices this week hit their highest level, crossing the previous peak of Rs 69.31 a litre reached on May 29.

Petrol rates are however yet to hit the new record high of May 29, when they touched Rs 78.43 a litre in Delhi.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.59 today.

India imports bulk of its oil requirement.

Petrol price has risen by Rs 1.04 a litre in Delhi in last 14 days. Diesel rates have gone up by Rs 1.03 per litre since then.

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.


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