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Petrol & Diesel Prices Soars

Petrol, diesel prices on Monday: Petrol and diesel prices have been rising since August 2.

No respite from the soaring petrol and diesel prices. For the fifth straight day, oil-marketing companies raised the petrol and diesel rates on Monday. Petrol and diesel prices have been rising since August 2.

On Monday, a litre of petrol was being sold in New Delhi for Rs. 76.97, in Kolkata for Rs. 79.89, in Mumbai for Rs. 84.41, and in Chennai for Rs. 79.96, according to Indian Oil Corporation (IOC), the largest fuel retailer of the country.

A litre of diesel was being sold in New Delhi for Rs. 68.44, in Kolkata for 71.22, in Mumbai for Rs. 72.66, and in Chennai for Rs. 72.29, stated iocl.com, IOC’s website.

In global markets, Brent crude futures rose 41 cents to $73.62, while US crude oil futures added 34 cents to $68.82 a barrel, according to a report.

Petrol and diesel prices last hit $80 a barrel in May and since then, have adversely affected inflation levels, because of which the Reserve Bank of India raised key lending rates for the second time in a row last week.

Retail inflation accelerated to a five-month high of 5 per cent in June, from 4.87 per cent in the previous month.

Inflation has been above the RBI’s medium-term target of 4 per cent for eight months now. Diesel and petrol which are the biggest items on the country’s import bill have now become a major cause for concern.

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