Petrol, Diesel Prices Hiked Again Across India

Petrol, Diesel Prices Hiked Again Across India

Diesel price in Chennai: Like Mumbai, similar hike was also made in Chennai.

As per the Indian Oil Corp website, petrol price in Mumbai rose to Rs 82.65 a litre on Monday, while diesel prices reached Rs 70.43.

Petrol prices were hiked by 17 paise a litre and diesel by 21 paise on Monday after a 19-day gap. After a relief of 19 days, fuel prices have again started moving up in line with worldwide crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24. Petrol prices were increased by 15 paise on Wednesday in Delhi and Mumbai, while it was raised by 14 paise and 16 paise in Kolkata and Chennai respectively.

Congress president Rahul Gandhi tweeted: "Karnataka finishes voting, FUEL prices rise to a four-year high!"

Moreover, Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014. "The recent trend of consistent depreciation in Indian rupee against USA dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia.

However, before the Karnataka polls, fuel prices remained unchanged for 19 days. Oil PSUs that had kept rates unchanged for almost three weeks before Karnataka polls despite a spike in input cost, reverted to daily revision in prices as soon as the state voted to elect a new government on Saturday.

IOC Chairman Sanjiv Singh earlier told to IANS that the dynamic pricing was suspended temporarily despite a rise in global rates to avoid panic among consumers.

The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.

According to Telangana Petroleum Dealers Association, during the last three days, fuel prices were increased by 32 paise on petrol and 72 paise on diesel.