New Delhi: After the rupee hit a new low of 71, diesel price too touched an all-time-highest value of Rs 70.21 in Delhi on Friday. The price of petrol stood at Rs 78.52 in the capital.
In Mumbai, diesel is now retailing at Rs 74.54 for a litre and it is Rs 73.06 in Kolkata.
Fuel prices have surged ever since the rupee started dipping against the dollar since August 16.
Experts estimate that fuel prices may still increase because of the US sanctions on Iran and Saudis cutting oil production. Bank of America Merrill Lynch had predicted in May that crude oil prices may cross $100 a barrel owing to sanctions on Iran which will come into full effect on November 1. Iran is the 2nd highest supplier of oil to India.
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