No full petrol price increase for South Africa this month - Government intervention

No full petrol price increase for South Africa this month - Government intervention

No full petrol price increase for South Africa this month - Government intervention

Petrol is being sold Rs.0.31 higher at Rs 79.15 per litre, while diesel prices have been hiked by Rs.0.39 to Rs 71.15 per litre. In Mumbai, a litre of diesel costs Rs 75.54 per litre while in Delhi it is Rs 71.15.

The prices of CNG and piped natural gas (PNG) were also hiked in metro cities since the price of gas procured by city distributors is mostly dollar-denominated.

More info to follow. OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far.

CNG now costs Rs. 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad.


Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of USA sanctions begins. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country. There is a pressure on oil prices due to a decrease in production. "Secondly, global currencies have weakened against the United States dollar", Pradhan had said in Surat. The consumer price of PNG to the households in Delhi has been increased to Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm. Since then, the fuel prices have been revised with effect from 6 am on a daily basis. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend.

Unleaded petrol will also go up, and will climb to its highest value in three months. With deregulation of diesel prices in 2014, no such option exists anymore. This means that the current phase of rising petroleum prices is likely to lead to a bigger spill over on the headline inflation numbers.

Without a reduction in petroleum taxes, which can complicate an already strained fiscal situation, inflationary pressures from rising oil prices will be hard to douse, he added.

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