New Delhi: The economic scenario turned more gloomy on Tuesday with thetumbling to a fresh low and breaching 66 vs the US dollar. The markets crashed too with the Sensex falling over 600 points during the intraday trade and finally closed 590.05 points down.
Crude oil prices also crossed $ 110 per barrel while gold futures touched a record high of Rs 32,500. While these prices have gone up, more price hikes are set to hit the common man soon.
A steep hike in is likely after the end of the monsoon session of Parliament. Sources in the Ministry of Petroleum and Natural Gas said that there is a need to hike the diesel price by at least Rs 5 per litre. The ministry feels that a Rs 3 per litre diesel price hike is meaningless when under-recoveries are over Rs 10 per litre.
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