Transport fuels keep rising, petrol in Delhi nears Rs 84/litre
New Delhi, Oct 2 : Transport fuel prices continued on the daily record-breaking upward movement on Tuesday, with petrol inching closer to Rs 84 in Delhi, having already crossed the Rs 91 a litre mark in Mumbai the previous day.
In the national capital, petrol cost Rs 83.85 per litre, up from Rs 83.73 on Monday, data on the Indian Oil Corp website showed.
Petrol prices in the other key cities of Mumbai, Kolkata and Chennai on Tuesday are at Rs 91.20, Rs 85.65 and Rs 87.18 per litre respectively -- all new levels -- higher than the respective highs of Rs 91.08, Rs 85.53 and Rs 87.05 on the previous day.
With petroleum still excluded from the GST regime, prices vary according to local taxes. Delhi has lower tax among the four major metros.
The increase in transport fuel rates comes amid surging crude oil prices. Currently, Brent crude oil is priced over $83 per barrel.
Sector experts also attribute the high domestic fuel prices to the high rate of excise duty across the country.
In tandem with petrol, the cost of diesel also rose to new highs on Tuesday.
Prices of the fuel in Delhi, Kolkata, Mumbai and Chennai were Rs 75.25, Rs 77.10, Rs 79.89 and Rs 79.57 a litre respectively, up from the Monday's Rs 75.09, Rs 76.94, Rs 79.72 and Rs 79.40 respectively.
Meanwhile, air travel is set to become costlier with oil state-run oil marketers on Monday raising the price of aviation turbine fuel (ATF), or jet fuel, by 7.25 per cent.
A kilolitre of ATF is now priced at Rs 74,177 in Mumbai and Rs 74,567 in Delhi. Jet fuel prices are revised on the first of every month.
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Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
