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Motorists hit by 'hellish' petrol price rise in May
June 23 2018, 04:50 | Alonzo Simpson
World oil prices have increased by 67 per cent since June last year prompting the price of petrol to surge
Petrol and diesel prices in the national capital were cut by 11 paise and 8 paise respectively on Wednesday, the eighth consecutive day of cut in fuel prices. In the last eight days, petrol prices have been slashed by around 71 paise per litre in Delhi, while Diesel is down almost 53 paise. It may be noted that a litre of petrol is retailing at Rs 77.83 in Delhi while the same quantity of diesel was available for Rs 68.88. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.
"The NT Government brought out this petrol app past year and its made no difference and the main reason why is that we have a duopoly we have basically two companies, Puma and United, running fuel in the Darwin region and there's only one independent that sells fuel cheaper", said independent Member for Nelson Gerry Wood. Fuel prices in India are linked to worldwide crude oil and any change in their rates directly affect the pricing back home.
This has been compounded by recent concerns about risks to worldwide crude oil supplies including: a potentially spreading conflict in the Middle East; renewed United States sanctions against Iran; and falling crude oil output due to the political and economic crisis in Venezuela.
In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38. They cut the overall supply by about 1.8 million barrels per day - a step that created the shortage of crude which in turn spiralled the prices. If crude prices go up as predicted then it would hit India really hard.
"The pump price should fall around 3 cents a litre to around $1.50 a litre in the next fortnight", CommSec chief economist Craig James said. The outcome of the meeting of the oil producing countries later this month will determine the future prices of oil.