Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Petrol price,diesel price,petrol price today

Petrol price,diesel price,petrol price today

In Mumbai, the price of petrol is Rs 86.72/litre while diesel is being sold at Rs 75.74/litre. "This unsuccessful government should take some measures to curb the prices", Vohra said.

With imports becoming costlier because of a free fall in the rupee against the U.S. dollar, the government believes the current account deficit will overshoot the target and it can not "disturb fiscal maths by cutting excise duty on petrol and diesel", according to the official quoted above. Diesel was at Rs 75.54/litre, up by Rs 0.44/litre.

But the Opposition launched a fresh offensive on the government over the hike in fuel prices. The price of the fuel rose by the same amount in Delhi to Rs 79.31, and in Kolkata it costs Rs 82.22 a litre.

Fuel rates have been on fire since the middle of August, rising nearly every day due to a combination of a drop in the value of the rupee and rise in crude oil rates.

Fuel prices will be rising once more this morning, with the price of diesel suffering its biggest increase since May. Addressing a press conference, the Andhra Pradesh chief minister said that in addition to petrol prices, the rupee value would also touch Rs 100 against one U.S. dollar. 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.

Also, crude oil has gained Dollars 7 a barrel in a fortnight, driven by fears that the United States sanctions on Iran will likely contract supplies. OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far.

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In Chennai, the price of petrol increased from Rs 82.24 per litre to Rs 82.41.

The rupee on Tuesday slumped to 16 paise against the dollar to trade at a lifetime low of 71.37 on strong demand for the U.S. currency. "Secondly, global currencies have weakened against the U.S. dollar".

Delhi chief minister Arvind Kejriwal on Monday said the government had made a "mess" of the economy.

Fuel prices vary from state to state due to local levies.

The price of fuel has been registering a rise in the last 10 days.

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