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Minister: Rupee devaluation, international market responsible for fuel prices hike

International Business
Sat, 01 Sep 2018
ANI


Bhubaneswar, India: Rise in crude oil price in the international market and devaluation of the Indian rupee against the US dollar, are two factors responsible for hike in fuel prices in India, claimed Minister for Petroleum and Natural Gas Dharmendra Pradhan on Saturday.

Pradhan told ANI that the government is concerned about the escalating prices of petrol and diesel across the nation.

"Such situation has arisen due to the rise in crude oil price in the international market and devaluation of the Indian rupee against US dollar. The Indian government is concerned about it," he said.

Fuel prices continued to rise on Saturday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.

The price of petrol has been increased to Rs78.68 per litre in Delhi, against Rs78.52 on Friday, while diesel is being retailed at Rs70.42 per litre. In Mumbai, petrol is being sold at Rs86.09 per litre (increased by Rs0.16 per litre), while diesel spurted to a new high of Rs74.76 per litre (increased by Rs0.22 per litre).

There has been a surge in fuel prices since August 16 after the rupee hit a record low of 71 against the US dollar.