Bhopal: Petrol and diesel prices continue to rise in India. On Friday, Rewa and Anuppur recorded highest selling price of petrol price in MP at Rs 86.33 per litre and Rs 86.38 per litre respectively. In most of the places recorded petrol prices crossed Rs 85 per litre. In Bhopal, petrol is selling at Rs 84.22 per litre and at Rs 84.08 per litre in Indore.
Petrol pump dealers Association president Ajay Singh said,“ Centre as well as state government should jointly take decision on fuel price hike. Three state-owned oil marketing companies: Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation- rolled-out the daily dynamic pricing mechanism for petrol and diesel. Organization of the Petroleum Exporting Countries (OPEC) has also increased the rates as demand now exceeds the supplies. Countries have started hoarding the stocks.”
Ajay Singh added that Indian rupee has collapsed to a fresh record low of 71 against the US dollar for the first time ever today by falling 26 paise. Since India imports roughly 70 per cent of crude oil it consumes, a weak rupee will influence petrol and diesel prices. Saudi Arabia has cut its oil production despite its OPEC agreement. Many fear that this move is likely to create oil shortage in global market. The international markets are under pressure due to US sanctions on Iran and the price of fuel may increase further.