By Suman Singh Aug 31, 2018 7:53:31 AM IST (Published)
Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. High global crude oil prices, along with continuous outflow of foreign funds pulled the Indian rupee to a fresh intra-day and closing low on Thursday.
Petrol prices touched fresh highs in three out of the four metro cities with Rs 78.52 a litre in National Capital Region, Rs 81.44 a litre in Kolkata and Rs 81.58 a litre in Chennai on Friday. The price of petrol in Mumbai was at Rs 85.93 per litre.
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Diesel prices also touched fresh highs across major cities with prices in Delhi NCR at Rs 70.21 per litre, Kolkata at Rs 73.06 per litre, Mumbai at Rs 74.54 per litre and Chennai at Rs 74.18 per litre.
The surge in fuel prices is largely due to rise in the cost of crude oil and high excise duty levied on fuel in the country. Brent crude oil dropped 0.3 percent to $77.51 a barrel on Friday.
Rise in diesel prices gains significance as it is mostly used in vehicles for transportation of food and agricultural products, which could lead to higher inflation.
Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. High global crude oil prices, along with continuous outflow of foreign funds pulled the Indian rupee to a fresh intra-day and closing low on Thursday.
On an intra-day basis, the Indian rupee plunged to 70.85 -- the lowest ever mark -- against the greenback at the Interbank foreign exchange market. It surpassed the previous record low of 70.65-66 to a greenback made on Wednesday.
State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.
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