South African petrol and diesel prices are set for another increase at the end of May. According to a UBS report, a 10 per cent hike in crude prices could raise consumer price inflation (CPI) by around 25 basis points if state-owned oil marketing companies were to pass on the full hike to consumers and if there is no excise duty cut.
Similarly, diesel and kerosene will each cost Rs 92 per litre within 15-kilometre distance in Kathmandu Valley and Rs 91.50 per litre in Dang and Pokhara respectively.
The previous prices recorded in these cities was Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013), according to IANS. Diesel price in Delhi hit a fresh all-time high today - meaning it had never been sold at today's level in the past.
Meanwhile, Diesel will now cost Rs 66.57 in New Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai and Rs 70.25 in Chennai.
Petrol reached over Rs75-mark in Delhi selling at Rs 75.10 today in the national capital.
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Of course the larger your fuel bill becomes, it means you have to make amends in your budget elsewhere as everything else gets affected when fuel costs rise, especially food prices.
It was bolstered by signs that major oil producers are still committed to reducing supply and rising spectre of U.S. sanctions against Iran.
Amanda Stretton, motoring editor at Confused.com, says: "Fuel prices are at their most expensive in nearly two years and drivers are feeling the pinch". In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%.
The price hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon. The motorists will feel the heat of the surge in fuel prices across the nation.