The weakening of Indian rupee is weighing heavily on the fuel rates which after receding from record highs are now again surging to record high prices. Diesel in Mumbai has hit new record price in Mumbai region primarily due to ailing rupee. While, the crude oil has softened in price due to supply side support from OPEC nations, fuel rates in the country are being largely influenced by internal factors as the sharp downside in the Indian rupee.
As per the website of Indian Oil Corporation, diesel in Mumbai is retailing at Rs. 74.05 per litre while petrol is being sold of Rs. 85.60 per litre.
It is to be noted that the new record high prices have been reached in case of diesel and not in case of petrol. Petrol in the National Capital is retailing at Rs. 78.18 per litre.
The highest price of petrol was reached on May 29 when it hit levels of to Rs 78.43 in Delhi and Rs 86.24 in Mumbai.
Now just ahead of the assembly elections slated for early next year, the Congress people are using the issue of higher fuel rates to attack the government in power.