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Weak rupee, Syria crisis may cause further hike in petrol, diesel prices in India

  • A weak rupee and soaring global oil prices will put further pressure on the Indian Government to increase fuel prices again. The Government may go for another hike in the prices of Petrol, Kerosene and LPG by 3 to 5 rupees. M Veerappa Moily, Petroleum minister, has already written an appeal to the PM Manmohan Singh, asking him to take preventive steps to control the record loss of Rs. 180,000 crore and also the fall in rupee along with increasing crude oil prices in global markets. The Indian currency had hit an all-time low of Rs. 68.85 per dollar on August 28. Experts are saying that the rupee will get weak further. A possible western military strike on Syria will cause major concern for India due to its impact on global oil prices.