BAD NEWS FOR YOU: Petrol, diesel rates at RECORD HIGH

The petrol price in Delhi registered a record high mark of Rs 80.50 per litre on Sunday. For the first time ever, the fuel prices already crossed the Rs 80 mark on Saturday. The rise in the cost of the fuel has soared up due to the high cost of global crude oil and a weak rupee. Besides, diesel price in Delhi has also gone up. The cost of Diesel in the national capital today is Rs 72.61 per litre.

While the people of Mumbai have to bear with the high cost of the fuel with petrol costing Rs 87.89 per litre today and diesel is available at Rs 77.09 per litre.

Implication wise, the rise in diesel prices is expected to flare up the inflationary pressure as the fuel is primarily used to transport the majority of goods including agriculture products. As per the country's pricing mechanism, the domestic fuel prices are dependent upon the international fuel prices on a 15-day average and the impact of the rupee-US dollar fluctuations.

Meanwhile, Union Petroleum Minister Dharmendra Pradhan on Saturday said a weak Indian rupee against the US dollar and supply-side constraints have led to high domestic fuel prices. The minister's comments come in the backdrop of the petrol price crossing the record high level of Rs 80 per litre in Delhi. The rupee, according to Pradhan, is as "strong as ever" in comparison to currencies other than the dollar.