Average UK forecourt prices are now at their highest since October 2014 at £1.26 per litre for unleaded and £1.30 for diesel, says RAC Fuel Watch, which blames a rise in the price of oil to more than 80 U.S. dollars plus a weakening of the pound.
The cost of diesel per litre has also been increased to Rs 69.31 per litre in Delhi and Rs 73.79 a litre in Mumbai.
He also argued that several reasons were responsible for the hike in prices of petrol and diesel, including the political conditions in oil producing countries and the global market.
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Across all forecourts, the average was even higher with prices rising by almost 8.5p a litre.
Since the dynamic pricing system resumed on May 14, petrol and diesel prices have risen by Rs 3.80 and Rs 3.38, respectively, in Delhi.
Further, in Kolkata, petrol price, now inching towards a four year high, was sold at Rs 80.61, against 80.47 per litre on Friday. The most expensive is the Netherlands, where drivers pay £1.47 per litre of petrol. Petroleum Minister Dharmendra Pradhan had also said that the government will intervene to reduce prices. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously.
While the price of petrol rose by 16 paise (0.2 per cent) to reach Rs 78.95 in Gurgaon, price in Faridabad also increased by 16 paise (0.2 per cent) to Rs 79.19, by 12 paise (15 per cent) to Rs 78.75 in Ghaziabad, and by 13 paise (0.17 per cent) to Rs 78.87 in Noida. Due to this India is now expected to grow by 7.3 per cent in 2018-19 against earlier forecast of 7.5 per cent, it said. "This could reflect strong growth which is supportive for crude demand, but also would involve tighter Fed monetary policy and a strong U.S. dollar". "As such, we believe the risk/reward for crude prices is now skewed to the downside".