Weak Indian rupee haunts Indians, petrol prices hiked again

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Petrol Price
Interbank Rupee rate Vs US Dollar
67.739United States Dollar
New Delhi, July 15: Weak Indian rupee has been haunting the countrymen. Now, it has begun leaving its direct impact on aam-aadmi (common men). Petrol prices have been hiked again in the country. After the latest price hike, petrol prices have become costlier by Rs 1.55 a litre (without taxes).

Following the sharp depreciation in the Indian rupee, state-run oil marketing companies raised petrol prices for the fourth time in six weeks.

The current price has come into effect from Monday, July 15 which is a day earlier from its due date. According to the practice of changing rates in line with cost every fortnight, the revision in prices was due on Tuesday, July 16.

Indian Oil, in an official statement, said, "the combined impact of deteriorating exchange rate and increasing international oil prices."

"Since last price change, the downward spiral of rupee against the dollar has continued to reach a low of Rs. 60.03 per dollar as against Rs. 58.94 per dollar during the previous fortnight. Further, international MS prices have also shown an uptrend and increased from $115.29/barrel to $117.19/barrel," added the official statement of the company.

Petrol costs Rs 1.86 per litre more (including taxes) in Delhi from Monday and sells for Rs 70.44 a litre against Rs 68.58.

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