Petrol price hits a record high in Mumbai

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Retail prices of petrol and diesel in India track the global prices of these auto fuels, not crude, although they are broadly linked to crude oil price trends, which have firmed up. The revised petrol price in the city was Rs 82.22/litre and Rs 74.19/litre, respectively. "The prices of petrol and diesel are shooting up steeply and very soon, the price of petrol might touch Rs 100 per litre", said Andhra Pradesh chief minister N Chandrababu Naidu on Monday.

In Delhi, the petrol price touched Rs 79.15 per litre which is an increase by Rs 0.31/litre.

The recent slump in rupee also has lifted the import cost of crude oil, subsequently raising fuel prices.

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In Mumbai, the price of petrol is Rs 86.72/litre while diesel is being sold at Rs 75.74/litre. The price of Brent crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday.

"I would like to mention two points, and both these subjects are external".

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining Dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies.

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Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

"Apart from that, crises in countries like Venezuela and Iran are increasing. Secondly, global currencies have weakened against the United States dollar", he had said. Apart from crude oil prices in the global market and the weakening rupee, one of the factors affecting fuel prices is the high value added tax (VAT) in the state of Maharashtra.

The price build-up of petrol in Delhi includes excise duty of ₹19.48, dealer commission of ₹3.63, and Value-Added Tax of ₹16.83 (including Value-Added Tax on dealer commission).

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