Petrol prices hit four-year high, ACCC says

  • Petrol prices hit four-year high, ACCC says

Petrol prices hit four-year high, ACCC says

Price of non-branded diesel was also reduced to Rs 68.80 per litre in New Delhi, Rs 71.35 per litre in Kolkata, Rs 73.25 in Mumbai and Rs 72.64 per litre in Chennai. Petrol was priced at Rs 80.47 in Kolkata, Rs 85.65 in Mumbai and Rs 80.80 in Chennai on Tuesday.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

Petrol prices in Australian cities reached their highest levels in nearly four years last month, with Brisbane hit the hardest.

Brent crude futures lost Dollars $1.50 per barrel to settle at $75.29 per barrel.

As well as the higher global market price of crude, the pound's current weakness against the U.S. dollar also makes petrol more expensive as oil is traded in dollars.

In the March quarter 2018, prices increased from 133.8 in early-January 2018 to 140.7 cpl in late-February 2018.

This has been compounded by recent concerns about risks to global crude oil supplies including: a potentially spreading conflict in the Middle East; renewed U.S. sanctions against Iran; and falling crude oil output due to the political and economic crisis in Venezuela.

The average brent crude oil price increased from 70.88USD to 77.00USD per barrel during the period under review. India imports over 80 per cent of its crude oil requirement and it is the world's third largest oil importer. Before reducing the prices, oil marketing companies had hiked the fuel cost for 16 consecutive days - from May 13 to May 29, petrol price was raised by Rs 3.8 and diesel by Rs 3.38 per litre.

A report by the competition watchdog has found Darwin motorists are spending 10 cents more than they should per litre of petrol.