Petrol hit Rs 86.72 per litre in Mumbai, an increase of 16 paise from its Monday's price. The last recorded all-time high in Mumbai was Rs 86.24 on May 29, but this time also the steepest in any of the other major metro cities. In Chennai, petrol costs Rs 82.24 while it is Rs 82.06 in Kolkata. The petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre respectively.
Radebe said that the fuel price was driven by global factors - such as the rand exchange rate, the worldwide price of crude oil.
Petrol and diesel prices continue to rise hitting fresh record high today.
To be sure, the current phase of increase in petrol-diesel prices is not unprecedented. "I would like to mention two points, and both these subjects are external".
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Despite the euro remaining strong against the dollar, it could not stop fuel from rising.
Petrol and diesel prices have already increased by 7.4% and 10.2% between April 1, 2018 and September 3, 2018. "Apart from that, crises in countries like Venezuela and Iran are increasing".
The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. There is a pressure on oil prices due to a decrease in production.
Given the constant rise in prices, the Congress Party has been demanding bringing petrol and diesel under the ambit of the Goods and Services Tax (GST). "Secondly, global currencies have weakened against the USA dollar", he had said. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend. While Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.