Petrol, diesel prices rise on Tuesday after 19-day freeze

Daniel Fowler
May 16, 2018

Prices of petrol and diesel in India are worked out based on the average of the trailing 15 days of benchmarked Arab-Gulf fuel prices which move in tandem with global crude oil prices.

Petrol now costs Rs 75.10 in Delhi a litre, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai, Rs 77.93 in Chennai, Rs 76.31 in Bengaluru, and Rs 79.55 in Hyderabad.

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.

Diesel price in India today: It's a insane world for Indian fuel prices, as the state-owned OMCs have continued to hike diesel prices to record highs for third consecutive day in various state capitals in India.

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Petrol and diesel prices in the national capital touched Rs 74.95 and Rs 66.36 on Tuesday, just a day after state-run oil companies resumed the dynamic pricing mechanism on Monday, reported IANS.

"With the Karnataka elections now over, prices have started to rise like it did in after Gujarat in Dec 17 although a full normalization would still require prices to rise another Rs 4.2 per litre or by 6 per cent", Equity research firm Jefferies said in a report. But prices were frozen thereafter. Adding to the woes, the government has also denied reducing excise duty prices, thus taking a bigger hit on the public. "As the crude oil prices were constantly moving up, its impact on diesel and petrol prices should have been reflected in the country". Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices.

With the daily price revision of automotive fuels restarting on Monday after a 19-day hiatus due to Karnataka polls, petrol prices reached almost five-year high while diesel prices hit a new all-time high in Delhi. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices.

Though retail petrol and diesel prices in India follow worldwide movement of product prices, any developments on crude oil front also impacts product pricing. "Most of us have lost sizable business because of high diesel cost".

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