Funding a war
Fuel economics can be quirky not the least because Russia’s oil revenue has risen sharply despite the sanctions. Indeed, oil prices, according…
Fuel economics can be quirky not the least because Russia’s oil revenue has risen sharply despite the sanctions. Indeed, oil prices, according…
CM Naveen Patnaik has also remained silent on the price rise. He has also not reacted to the ghastly incident in Uttar Pradesh where farmers were run over at Lakhimpur.
Global crude prices increased on Friday. The November contract of Brent crude on the Intercontinental Exchange is currently trading above the $72-per-barrel-mark.
The price rise pause has come not before the fuel rates have reached new highs across the country through numerous increases in last two months.
Across the country as well petrol and diesel prices increased on Tuesday but its retail prices varied depending on the level of local taxes in different states.
Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.
Petrol prices in Mumbai inched closer to Rs 100 as its retail prices now are Rs 94.12 a litre. Diesel is also the most expensive in Mumbai at Rs 84.63 a litre.
On Tuesday, petrol and diesel prices were hiked by 35 paise per litre each, as per the price notifications of state-owned fuel retailers.
Any changes in petrol or diesel prices are implemented on a daily basis with effect from 6 am. The fuel rates vary from state to state due to the value-added tax (VAT).
If this rise in oil price continues then the petrol rates across the country may hit an all-time high level and will breach the mark.
