(FE)
Fuel prices are set to rise further despite recent excise duty cut as Brent crude, the global benchmark for oil trade, hit yet another high on Monday at $62.39, highest since July 2015. The price of Brend crude has gone up by 36% since then, and subsequently fuel prices in India. According to government data, petrol price in Delhi, which was above Rs 70 per litre in the beginning of October fell sharply due to Rs 2 per litre cut by the central government and further Rs 0.50 per litre cut by oil companies.
However, the petrol prices (Delhi), after staying around Rs 68.30 per litre for some time, started picking up due to rise in international oil prices, especially Brent and have reached Rs 69.69 per litre on Monday. The revision in Brend crude prices is likely to push the fuel price in India further, unless there is some price cut by the government, states or oil companies.
