Fuel prices hit record highs as Rupee slides, Opposition attacks government

Fuel prices hit record highs as Rupee slides, Opposition attacks government

The rupee, which lost 10 paise against the United States dollar in late afternoon trade on Monday, ended at a new record low of 71.10. Petrol hit Rs 86.72 per litre in Mumbai, an increase of 16 paise from its Monday's price. The petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre respectively. He also said that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India. There are reports that the devaluation of the Indian rupee against the United States dollar and hike in crude oil price in the global market could be the two reasons behind the persistent fuel price hike.

This follows a 31 paise/litre hike in prices on Monday. "Apart from that, crises in countries like Venezuela and Iran are increasing".

Petrol prices in the four metro cities have reached new record levels daily since Sunday. There is a pressure on oil prices due to decrease in production.

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In a media statement, the department said that South Africa had witnessed "sustained increases in fuel prices for the past few months, which placed a strain on the consumers".

Diesel rates had hit ₹69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. "Secondly, global currencies have weakened against the United States dollar", he had said. Indraprastha Gas Ltd (IGL) has raised the prices of CNG by 63 paise per kg and by Rs 1.11 per standard cubic meter for piped natural gas supplied to households for cooking purposes.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend. If this happens, it will be the first time since 2002-03 that the country will have experienced double digit inflation in petrol-diesel prices for three years in a row.

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