There has been a surge in fuel prices since August 16 after the rupee hit a record low of 71 against the US dollar.
In a double whammy for common man, Petrol and diesel prices on Monday touched all-time high while Indian Rupee touched an all-time low. In Mumbai, petrol is being sold at Rs 86.56 per litre (increase by Rs 0.31/litre), while diesel spurted to a new high of Rs.75.54 per litre (increase by Rs 0.44/litre). The price of petrol has been increased to Rs 79.15 per litre in Delhi, while diesel is being retailed at Rs. 71.15 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.
Talking about Rupee, it nosedived to a new life-time low of 71.10, shedding 10 paise against the US dollar in late afternoon trade on Monday, tracking weakening trend in emerging market currencies.
Below we have listed 10 things you need to know:
1. A surge in global oil prices, concerns over US-China trade war and contagion risks from Turkey and Argentina are the factors impacting forex market sentiment.
2. The rupee's previous record low was 71, marked on August 31.
3. It should also be noted that brent crude oil moved up by 0.57 per cent 78.08 a barrel.
4. Experts say petrol and diesel prices in the country touched their highest levels Monday mainly due to dramatic fall in rupee and a sharp rise in crude oil rates.
5. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.
6. Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017.
Diesel now costs Rs 75.54 per litre in Mumbai.
7. Since August 16, petrol prices have risen by over Rs 2 per litre. Diesel prices on the other hand have risen by Rs 2.42 a litre during this period.
8. Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month.
9. CNG now costs Rs. 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad.
10. The consumer price of PNG to the households in Delhi has been increased to Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm.
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