The rupee-dollar exchange rate has dropped to an all-time low of Rs 71.42 to a dollar on August 31.
This takes the worldwide price of crude oil and the value of the rand against the dollar into account. In Mumbai petrol touched Rs 86.56 per litre while diesel increased to Rs 75.54 per litre, after a hike of Rs 0.44 per litre.
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In Mumbai, the price of petrol is Rs 86.72/litre while diesel is being sold at Rs 75.74/litre.
Despite the euro remaining strong against the dollar, it could not stop fuel from rising.
"Due to the high dependence on imports of crude oil to meet domestic consumption, an increase in crude oil prices increases the current account deficit which is weighing down on the Rupee", it added. Addressing a press conference, the Andhra Pradesh chief minister said that in addition to petrol prices, the rupee value would also touch Rs 100 against one United States dollar.
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The government has been under vast pressure to cut excise duty on petrol and diesel to bring the prices of fuel oil down. "The dual impact of rising oil prices and depreciating Rupee does not auger well for PSU (public sector unit) oil and gas companies as it will increase their regulatory risks", it said.
The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre. The Centre now levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.
Union minister of Petroleum and Natural Gas, Dharmendra Pradhan, blamed the "isolated" policies of the U.S. for the "abnormally" rising fuel prices in the country. "I would like to mention two points, and both these subjects are external. Secondly, global currencies have weakened against the U.S. dollar", he had said. There is a pressure on oil prices due to decrease in production.
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"Dear Modiji, please show some kindness on a festival day.Your jumlas are not taxed, but when will you reduce the tax on petrol-diesel?"