Story of India’s economic mess under Modi govt: Rupee at historic low against dollar, petrol, diesel prices reach record high

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The rapidly falling value of the Indian rupee against the US dollar isn’t the only nightmare the Centre’s Narendra Modi government has to grapple with. Barely hours after the rupee hit a new low by breaching 71 mark, prices of petroleum products reached a record high, causing considerable discomfort to the ruling BJP in the election year.

record high
(REUTERS)

On Tuesday, petrol price in India’s national capital reached a new high at Rs 79.31 per litre. In Delhi, diesel is now being sold at Rs 71.34, another record high. This despite petrol and diesel prices being the lowest among four big Indian cities.

In contrast, one litre of petrol in Mumbai is now costing consumers Rs 86.72, while they will now have to pay Rs 75.74 for every litre of diesel bought in the country’s financial capital.

Down south Chennai, petrol prices has reached Rs. 82.41 per litre while diesel is now being sold for Rs 75.39 per litre. Petrol can be bought for Rs 82.22 per litre in Kolkata, where the diesel prices reached Rs. 74.19 per litre.

The recent rise in petrol and diesel prices are being attributed to the rise in the crude oil prices in the international market. However, the Modi government has failed to keep the domestic prices of petroleum products low even when the crude oil was at its historic low in the international market.

The news of rise in petroleum products comes at a time the value of Indian rupee has nosedived to its historic low. On Monday, the vice chairman of the government’s planning body, NITI Aayog, confessed that the economy under the current government was in mess. Speaking to ANI, Rajiv Kumar had blamed the former Reserve Bank of India governor, Raghuram Rajan for the country’s economic slowdown.

 

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