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Petrol and diesel prices scale new high as rupee falls

As the rupee plunges at 71.37 to a dollar and the global crude oil prices surge, petrol and diesel prices too witnessed a sharp rise. The petrol prices have gone up by nearly 16 paise per liter while diesel prices have increased by 19 paise per liter. The rupee depreciated by ₹2.5 in a month.

In Delhi the price of petrol is at ₹79.31 per liter and diesel stood at ₹71.34 per liter. This information is as per the price notification provided by state owned fuel retailers. Delhi is the cheapest metro for diesel and petrol purchases given the low sales tax/VAT.

In the last month the prices of petrol increased over ₹2.50 per liter while diesel prices increased about ₹3 per liter. Fearing US sanctions on Iran could hurt supplies the price of Brent crude oil also grew from $77.27 on Monday to $78.05 on Tuesday.

Brent Crude is a classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. This grade is described as light because of its relatively low density, and sweet because of its low sulphur content.

PNG and CNG

The prices of compressed natural gas (CNG) and piped natural gas (PNG) also increased as the prices are dollar denominated. As the dollar appreciated on Monday Indraprastha Gas Limited increased the price of CNG by 63 paise per kg and increased the price of PNG by ₹1.11 per standard cubic meter.

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