Fuel prices go through roof; Indian rupee plunges to historic low

Chennai: Petrol price across the country continue to climb with Chennai touching Rs 83.91 per litre.

But the highest ever recorded price in the history was in Mumbai where it crossed Rs 88 per litre today.

To add to the woe, the Indian rupee today slumped to a fresh record low of 72.18, falling 45 paise against the US dollar.

Petrol prices increased by Rs 0.23 per litre in Mumbai, and reached Rs 88.12 per litre, while in Delhi, it was priced at Rs 80.73 against yesterday's Rs 80.50. In other metro cities like Kolkata and Chennai, petrol prices are at Rs 83.61 and Rs 83.91, respectively.

Coming to the currency lows, the Indian rupee's continuous decline is on strong demand for the US currency from importers as the greenback strengthened against other currencies overseas on upbeat jobs data.

A PTI report quoted forex dealers as saying that besides strong demand for the American currency, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.

The main opposition Congress party has called a ‘Bharat Bandh’ today alleging the Bharatiya Janata Party-led NDA government of being "profited from the fuel loot."

Twenty-one opposition parties are supporting the 'Bharat bandh', besides a number of chambers of commerce and traders' associations. The Congress party has demanded that petrol and diesel should be brought under the GST, by which oil prices could drop by about Rs 15 to Rs 18.

Earlier on Sunday, Rajasthan chief minister Vasundhara Raje announced a 4 per cent reduction in value-added tax (VAT) on petrol and diesel, which was set to reduce prices by Rs 2.5 per litre in the state.

She announced, "It will provide much-needed relief to the people of the state."

But the question on everybody's mind is whether the other State Chief Ministers will follow her example.


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