Record diesel prices likely to push up school bus fees in Mumbai

Petrol prices

Petrol is Mumbai has risen from Rs 83.76 per litre on August 1 to Rs 86.56 per litre on Monday

"Relentless rise in prices of petrol and diesel is not inevitable". Diesel prices on the other hand have risen by Rs 2.56 a litre during this period.

Diesel per litre is priced at Rs 71.34 in Delhi, Rs 74.19 in Kolkata, Rs 75.74 in Mumbai and Rs 75.39 in Chennai.

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Petrol prices were increased to Rs 86.72, Rs 82.22 and Rs 82.41 per litre in Mumbai, Kolkata and Chennai respectively on Tuesday.

In the national capital, petrol prices touched Rs 79.15/litre and diesel was at Rs 71.15/litre. A litre of petrol costs maximum in Mumbai where it is available at Rs 86.56.

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31 a litre, while diesel price has been increased to ₹71.34 a litre, which is also at a record high, according to the daily price notification issued by Oil Marketing Companies (OMCs). Also, crude oil prices have gained $7 a barrel in a fortnight. 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. 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. With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the United States, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

Azar Jammine, the chief economist at Econometrix, said he was fascinated to note that the petrol price was not going to increase this month, apart from the slight increase for the salaries of forecourt staff. "Secondly, global currencies have weakened against the U.S. dollar", he said.

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"Due to the high dependence on imports of crude oil to meet domestic consumption, an increase in crude oil prices increases the current account deficit which is weighing down on the Rupee", it added.

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