Rupee devaluation responsible for fuel prices hike: union petroleum minister

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Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on September 1 said that devaluation of the Indian rupee against the US Dollar and rise in crude oil price in the international market, are the two major factors responsible for the hike in fuel prices in the country.

Union minister reportedly said that the Centre is concerned about the rising prices of petrol and diesel across the country.

He added, “Such situation has arisen due to the rise in crude oil price in the international market and devaluation of the Indian rupee against US Dollar. The Indian government is concerned about it.”

Following the fuel hike, the price of petrol has come to Rs 78.68 per litre in Delhi, against Rs. 78.52 on August 31, while the price of diesel is being retailed at Rs. 70.42 per litre.

Similarly, in Mumbai, petrol is being sold at Rs 86.09 per litre (increased by Rs 0.16 per litre), while diesel price rose to a new high of Rs. 74.76 per litre (increased by Rs 0.22 per litre).

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