Commenting on the relentless price rise, former finance minister P Chidambaram said: "Relentless rise in prices of petrol and diesel is not inevitable". The fuel prices on Tuesday surged for the 10th straight day with diesel prices going up by almost 20 paise and petrol prices by 16 paise. Diesel prices reached an all-time high on May 29 at Rs 73.79 in Mumbai, Rs 69.31 in Delhi, Rs 71.86 in Kolkata, and Rs 73.18 in Chennai.
Union minister of Petroleum and Natural Gas, Dharmendra Pradhan, blamed the "isolated" policies of the United States for the "abnormally" rising fuel prices in the country.
The petrol, diesel prices have continued to surg in a row for the ninth consecutive day on Monday.
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Similarly, the price build-up of diesel in Delhi at ₹71.15 a litre includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46 (including Value-Added Tax on dealer commission). Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month.
Since August 16, petrol prices have risen by over Rs 2 per litre.
Radebe said that the fuel price was driven by worldwide factors - such as the rand exchange rate, the global price of crude oil. 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. Brent crude oil is now priced over $78 per barrel. "Apart from that, crises in countries like Venezuela and Iran are increasing".
The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged. "Secondly, global currencies have weakened against the USA dollar", he said.
Fuel prices vary from state to state due to local levies. Blaming the "faulty" policies of the NDA government for the current (sorry) state of affairs, Naidu said, "Petrol will soon cost Rs 100".