Petrol is just 52 paise short of hitting the Rs 90 per litre mark in Mumbai, while the prices have also seen a continuous increase in national capital Delhi and other cities. On Monday, petrol reached Rs 82.06 per litre in Delhi, 15 paise up from Sunday, while diesel surged 6 paise to Rs 73.78 per litre. In financial capital Mumbai, petrol went up by 19 paise to Rs 89.48 while diesel was increased 9 paise to Rs 78.33. In Chennai, petrol reached Rs 86.37 while diesel was priced at 78.99. In Kolkata, petrol was priced at Rs 84.20 and diesel at Rs 75.90 per litre. Petrol has already crossed the Rs 90 mark in two districts of Maharashtra.
During the two-day review of the economy, which was chaired by Prime Minister Narendra Modi, the members discussed fiscal deficit targets and steps to contain the widening current account deficit (CAD) and the falling value of rupee against the dollar. But there is no clarity whether the spike in fuel prices was discussed.
The Congress party has been attacking the Modi government over high fuel price. With the support of 21 political parties, the Congress recently held Bharat Bandh and held protests over increasing fuel prices. Congress spokesperson Abhishek Singhvi on Sunday said during the UPA, international crude oil prices hovered around $130 per barrel and still, the prices were low, but now when the crude oil prices are around half, the prices of petrol and diesel are touching an all-time high.
"The prices of petrol and diesel are fast rising and moving towards the century mark. I congratulate the prime minister for inching towards the century and wonder when the diesel price would also touch the mark," he told reporters.
Crude oil international benchmark Brent Crude was priced at $77.91 per barrel, while WTI Crude Oil hovered around Rs 68.84 per barrel. Singhvi said petrol is sold at the rate of Rs 91-92 per litre in two districts of Maharashtra and this situation is when the crude oil is at USD 68 a barrel in the international market.
Global oil prices eased on Monday on concerns that the United States is poised to impose additional tariffs on China, outweighing supply fears from upcoming sanctions on Iran, says Reuters. U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday.