Geopolitical Tensions Spike Premium Petrol, Diesel Prices

Global geopolitical tensions have driven up prices of premium petrol and industrial diesel in New Delhi, indicating a ripple effect on local markets. Additionally, the rupee hit a record low against the US dollar, and the Indian government cracked down on illegal gambling websites. Meanwhile, India's forex reserves dropped significantly.

In New Delhi, premium petrol prices surged by Rs 2 per litre while industrial diesel saw a dramatic hike of Rs 22 per litre on Friday. This is attributed to the rising global oil prices, driven by ongoing conflict in the Middle-East.

Amidst these developments, the rupee nosedived to an all-time low of 93.53 against the US dollar, exacerbated by relentless foreign fund outflows and climbing crude oil prices due to tense geopolitical climates.

Additionally, the Indian government has enacted a blockade against 300 illegal gambling websites and apps. This robust regulatory move is part of a broader crackdown on illegal online activities. Concurrently, India's forex reserves have fallen by USD 7 billion as reported by the Reserve Bank of India.

(With inputs from agencies.)