Petrol, diesel prices touch sky; Rupee plumbs new depth

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

An employee fills fuel in a vehicle at a filling station, in Kolkata on Monday, Sept 3, 201. PTI Photo

New Delhi: Continuing the upward streak, the prices of petrol and diesel increased again on Monday, just a day after it clocked record high prices on Sunday. In Delhi, petrol price reached Rs 79.15 per litre - an increase of Rs. 0.31, while the cost of diesel reached Rs. 71.15 – an increase of Rs. 0.39 In Kolkata, price of petrol increased by Rs 0. 30 making it Rs 82.06, while that of diesel increased by Rs 0.39, making its price Rs. 74. In Mumbai, The price of diesel increased to Rs 75.54 after an increase of Rs 0.42, while that of petrol reached Rs. 86.56 with an increase of Rs 0.31 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. On Sunday, petrol and diesel in Delhi witnessed increase in prices to cost Rs 78.84 and Rs 70.76 respectively; in Mumbai it was Rs 86.25 and Rs 75.12 respectively, while in Kolkata it was Rs 81.76 and rs 73.61 respectively. On Saturday, the price of petrol was increased to Rs 78.68 per litre in Delhi, against Rs. 78.52 on Friday, while diesel was being sold at Rs. 70.42 per litre. In Mumbai, petrol was being sold at Rs 86.09 per litre (increased by Rs 0.16 per litre), while diesel prices touched a new high of Rs. 74.76 per litre (increased by Rs 0.22 per litre). Rupee free fall continues, plunges to new life low of 71.21 vs USD The Indian rupee crashed to yet another historic low of 71.21, losing 21 paise at the close against the US dollar as nagging concerns over rising crude oil prices and trade war tensions continued to hurt forex market sentiment. It was a virtual collapse for the Indian unit during the late afternoon session despite a strong start as investors hit the panic button and even government's efforts to calm investor nerves failed to yield any result. A sharp rally in global crude prices further dampened the overall trading mood. Benchmark Brent crude oil was trading at USD 78 a barrel. The domestic currency opened with strong gains largely helped by weekend robust macro numbers also some technical bounces after recent record fall. However, overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains. India's economy grew at a delightful 8.2 per cent rate in April-June this year after the twin shocks of cash ban in 2016 and the chaotic introduction the GST last year, reclaiming its position as the fastest growing major global economy this year. The central bank has recently pulled several moves to support its currency including its foreign cash reserves along with raising its interest rate twice with the last in August to pre-empt any fresh bout of currency rout as the global trade war escalates. (With PTI inputs)