Petrol touches the price of Rs 80 per litre

The prices of Petrol and Diesel continue to rise and the same trend was observed today (September 23). 

This is the seventh consecutive day of Petrol and diesel prices rising. In the last seven days, the petrol price has gone up by ₹1.88 per litre and diesel price by ₹1.50 a litre.

The prices of petrol and diesel are rising after an attack on Saudi Arabia's oil facilities that knocked off more than 5 per cent of global oil supply. The crude prices have been hit in a big way. Brent crude surged as much as 1.9 per cent after jumping 6.7 per cent last week. This is the biggest weekly gain since January.

After Iran warned the presence of US forces in the Gulf, oil prices rallied. People are fearing further instability in the region.

Another reason for the rise in the prices of petrol and diesel is the exchange range of US dollar and rupee. India is dependent on international markets for import of crude oil. Rupee too has been on a downward spiral with the news of economic slowdown. On Monday, the rupee was trading at 71.98 to a dollar, which is almost Rs 1 down from Friday's close of 70.95.