Fuel prices touch new high on low INR

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

As per sources, the fuel prices have increased by around Rs 5 per litre in the past 7 months.

On Tuesday, petrol and diesel prices continued to witness the unprecedented rise.

Officials have suggested that the increase in petrol and diesel prices is down to mainly the falling exchange rate of rupee against the dollar.

Energy minister Jeff Radebe said this week that they had taken a once-off decision to only factor in a retail margin increase of 4.9c per litre of petrol for the month. The fuel prices on Tuesday surged for the 10th straight day with diesel prices going up by almost 20 paise and petrol prices by 16 paise.

Union minister of Petroleum and Natural Gas, Dharmendra Pradhan, blamed the "isolated" policies of the USA for the "abnormally" rising fuel prices in the country. The prices have breached the previous record-high reached on May 29.

In the national capital, petrol was sold at Rs. 79.15 per litre, up from Rs. 78.84 on Sunday. On that day, the rate in Mumbai was Rs 86.24 per litre.

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With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the U.S., and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

Former Finance Minister P Chidambaram slammed Bharatiya Janata Party (BJP)-led Centre for neglecting the historical rise in fuel prices and failing to implement any measures to contain the surge. "I would like to mention two points, and both these subjects are external".

The price of fuel has been registering a rise in the last 10 days. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. There is a pressure on oil prices due to decrease in production.

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.

Fuel prices vary from state to state due to local levies. "Secondly, global currencies have weakened against the USA dollar", he said.

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