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Petrol, diesel prices continue to surge

Fuel prices in all metro cities have reached to fresh highs for the 5th straight day on the back of weakening local currency against the dollar amid costlier imports.

As per Indian Oil Corporation’s website, the price of petrol rose by 68 paise to Rs78.78 per litre in the National Capital Region on August 30 from yesterday and that of diesel rose by 39 paise to Rs70.14 per litre.

The price of petrol in Mumbai is now Rs85.72 per litre, while that of diesel is Rs74.24 per litre.

The prices have been elevated by global cues, mainly an unexpected fall in the US crude oil inventories reported by the by the Energy Information Administration (EIA). The data from EIA showed that the US oil stockpiles dropped by 2.6mn barrels in the week ended on August 24. The likelihood of Iran withdrawing from the nuclear deal is also a reason for the prices to reach new highs.

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