Motorists hit by 'hellish' petrol price rise in May

Jun 06, 2018, 10:53
Motorists hit by 'hellish' petrol price rise in May

Petrol price has dropped by 70 paisa a litre and diesel by 50 paisa in the last eight days.

The so-called big four supermarkets - Tesco, Asda, Sainsbury's and Morrisons - raised the price of petrol by 5.49p a litre and diesel by 5.88p in May.

Petrol prices were cut for the eighth consecutive day across Delhi, Kolkata, Mumbai and Chennai on Wednesday.

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After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

The head of Australia's consumer watchdog is appalled motorists are increasingly "financing the extravagance" of oil-rich nations such as the United Arab Emirates.

Since April, growing concerns about risks to global crude oil supplies have caused worldwide oil prices, and local retail petrol prices, to jump dramatically, peaking in May.

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Drivers were hit by the worst petrol price rise in 18 years last month, with the cost at the pump rocketing by a "hellish" 6p a litre.

Brent crude futures lost Dollars $1.50 per barrel to settle at $75.29 per barrel. This was in line with the higher crude oil prices. The organisation of the petroleum exporting countries are slated to meet formally in Vienna on June 22 to decide whether the group and non-OPEC members will raise production to ease concerns over potential supply shortfalls from Iran and Venezuela. Earlier this week, oil minister Dharmendra Pradhan ruled out daily price review of petrol and diesel but said the government was concerned about pinching fuel prices and is working on a long-term solution.

It pointed out that oil prices broke through the $80-a-barrel mark twice in May - a three-and-a-half year high. Sydney had the lowest average price for the quarter, at 132 cents per litre.

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