Petrol, diesel price hike: Modi’s minister lists these 2 reasons behind rise in fuel rates

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Published: September 1, 2018 12:55:27 PM

Petrol, diesel price rise: On Friday, the Indian rupee declined to a historic low of 71 against the US dollar by falling 26 paise on persistent demand for the US currency amid rising crude prices.

Petrol price, diesel prices, diesel prices hike, VAT, sales tax, oil price, Diesel ratesPetrol price was today hiked by 13 paisa a litre and diesel by 14 paisa, taking it to a new high.

Petrol, diesel price rise: The devaluation of Indian rupee against US dollar and rising crude oil prices in the international market have led to the recent rise in the petrol and diesel prices, ANI reported citing Union Minister Dharmendra Pradhan. The central government is concerned about the spiralling prices of petrol and diesel and is taking all measures to check them., said Dharmendra Pradhan, the Petroleum and Natural Gas Minister.

Yesterday, the minister had blamed the ‘isolated’ policies followed by the US behind the ‘abnormal’ rise in the fuel price all across the world. “Due to the isolated policies of America, the value of currencies across the world has fallen in comparison to the US dollar. India’s currency has also been affected and the price of fuel has increased abnormally,” PTI had reported him telling reporters on the sidelines of a programme in Bhubaneswar.

Rupee depreciation

On Friday, the Indian rupee declined to a historic low of 71 against the US dollar by falling 26 paise on persistent demand for the US currency amid rising crude prices.

Petrol prices

Meanwhile, the petrol prices were raised by the oil marketing companies (OMCs) once again across the four major metros of the country on Saturday. In Delhi, petrol is selling at a price of Rs 78.68 per litre, implying a hike of 16 paise. In Mumbai, fuel price breached the Rs 86 mark, and was seen retailing at Rs 86.06 per litre. Petrol is priced at Rs 81.60 for one litre in Kolkata and Rs 81.77 per litre in Chennai, data from Indian Oil Corporation (IOC) app showed.

The revised rates are applicable from 6 am on September 1st. Notably, this is the seventh hike in petrol rates  by the oil marketing companies.

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