Crude Oil  

Petrol prices have been cut by more than Rs 5.49 per litre and diesel by Rs 3.82 in the past one month in Mumbai.

The US on Monday imposed "the toughest ever" sanctions on a defiant Iran aimed at altering the Iranian regime's "behaviour". The sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.

The other five countries that have got relief from America include a surprise entry, China, with which the Donald Trump administration is still negotiating the terms
 

The rising cost of petrol and diesel due to increasing crude oil prices globally along with a weak rupee is the latest setback for drivers already operating on thin margins

Sources said that PM Modi will meet the chief executives of major global and Indian oil and gas companies as the US sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile. 

Traders said the sudden fall is due to Brent crude oil breaching the $84 mark and the US currency strengthened overseas. Unabated foreign fund outflows also weighed on the local currency. 

India had planned to import about 25 metric tonnes of crude oil from Iran in 2018-19, up from 22.6 metric tonnes imported in 2017-18.

The Brent crude oil prices fell by more than 1 per cent on Monday after the US said it may grant waivers to sanctions against Iran's oil exports next month

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Prices of petrol and diesel have been on the rise since mid-August, rising almost every day due to a combination of a drop in the dollar-rupee and rise in crude oil prices

Maharashtra's VAT rate is 39%, Karnataka's stands at 30.28% and Delhi 27%. Mumbai, therefore, has the highest price for petrol since State VAT is at 39.12%. 

The petitioner argued that petrol and diesel were essential commodities and that their prices could not be left to the 'whims and fancies' of state-run oil companies