Fresh fuel price hikes pushed petrol beyond Rs 102 in Delhi, with commuters and taxi drivers warning of rising transport costs and pressure on household budgets.
Fuel prices climbed again across major Indian cities as rising global crude oil rates and the ongoing West Asia conflict continued to pressure domestic markets.
The decision was announced by US Treasury Secretary Scott Bessent, who said the move will help stabilise crude prices which have skyrocketed due to the disruptions in the Strait of Hormuz, a key shipping route in the Persian Gulf.
According to the forex experts, high crude oil prices, and a stronger US dollar have created a volatile situation of the domestic currency amid the ongoing geopolitical tensions.
Dalal Street witnessed heavy selling pressure in early trade as rising crude oil prices, weak Asian markets and geopolitical worries dragged benchmark indices sharply lower.
India's retail inflation rose to 7 per cent in August from 6.71 per cent in July and this was due to higher food prices. In fact, retail inflation has been beyond the Reserve Bank of India's (RBI) tolerance limit of 6 per cent for eight months in a row.
Pradhan flagged concerns over the increasing crude oil prices and its impact on consumers as well as on smart economic recovery.
This simply means that even though the prices of crude oil may continue to rise from the present levels of $60 a barrel, Asian market would continue to get discounts over the prevailing price.
Asian stock market too took a nosedive today, amid panic selling by traders.
Forex traders said the rupee traded in a narrow range ahead of the release of retail inflation and factory output data.
