Petrol, diesel prices at highest level

Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

The price of petrol in Delhi today is Rs 79.15, in Kolkata Rs 82.06, and in Chennai Rs 82.24.

Petrol was being sold at Rs 86.56 per litre (increased by Rs 0.31 per litre) in Mumbai while diesel spurted to a new high of Rs 75.54 per litre (increase by Rs 0.44 per litre). In Mumbai petrol touched Rs 86.56 per litre while diesel increased to Rs 75.54 per litre, after a hike of Rs 0.44 per litre.

The price of petrol increased by Rs 0.31 per litre while that of diesel was hiked by Rs 0.39 per litre.

It's necessary to bring worldwide factors in line to curb the surge in prices, Pradhan added.

Petrol prices in the four metro cities have reached new record levels daily since Sunday. 5 cents a litre, while the reference price of 95 octane unleaded petrol will top 1 euro 60 a litre. At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

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The recent slump in the rupee also has lifted the import cost of crude oil, subsequently raising fuel prices. "I would like to mention two points, and both these subjects are external".

Fuel rates have been on fire since mid-August, rising nearly every day due to a combination of a drop in rupee value and rise in crude oil rates. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised.

Moreover, the price of crude oil has risen by $7 a barrel in the past two weeks due to the growing fears that the USA sanctions on Iran might reduce the supplies.

The rupee has already depreciated by over Rs 2.5 in August alone hitting an all-time low of 71.37 to the dollar. "Apart from that, crises in countries like Venezuela and Iran are increasing".

Last week, credit rating agency Moody's Investors Service said there were risks of India breaching the 3.3% fiscal deficit target for the current fiscal, since higher oil prices will add to short-term fiscal pressures.

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