Fuel prices continue northward march, climb to new highs

Domestic fuel prices continued their northward push on Tuesday with a depreciating rupee and expensive crude oil further pushing petrol and diesel to new record highs as per daily rates under the dynamic pricing regime.

Petrol in Delhi rose to Rs 80.87 per litre, while it increased in Kolkata, Chennai and Mumbai to Rs 83.75, Rs 84.05 and Rs 88.26 respectively, according to the Indian Oil Corporation (IOC).

Elsewhere, petrol prices on Tuesday breached the psychological barrier of Rs 90 and touched a scorching Rs 90.11 in Maharashtra's Parbhani - a new record in India.

Similarly, diesel prices rose in Delhi and Kolkata to Rs 72.97 and Rs 75.82 per litre respectively, while it climbed to Rs 77.13 and Rs 77.47 per litre in Chennai and Mumbai respectively.

Fuel prices in the country have been going up almost daily since August 1. They fell only once on August 13 in the last 41 days. Prices have surged on 30 days and remained unchanged on 11 days, and have been breaching record levels for more than a week now.

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India`s fuel demand rose 7.4 percent in July

India's fuel demand rose 7.4 percent in July compared with the same month last year.

Consumption of fuel, a proxy for oil demand, totalled 17.06 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 7.8 percent higher from a year earlier at 2.31 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased 6.0 percent to 2.04 million tonnes, while naphtha sales surged 60.8 percent to 1.14 million tonnes.

Sales of bitumen, used for making roads, were 52.7 percent up, while fuel oil use edged lower 2.5 percent in July.

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