Petrol, diesel prices hiked

16 May, 2018, 11:51 | Author: Regina Silva
  • Pocket pinch: Fuel prices hiked again across India within 19 days

This is the second consecutive day when prices have been hiked by the oil companies, signalling resumption of the daily price revision mechanism after a 19-day hiatus that resulted in Rs 400 crore loss for these entities.

Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities.

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

The Automobile Association (AA) said last month's fuel price account was closed earlier by the Department of Energy, resulting in the postponement of a substantial 50 cent-per-litre increase brought on by a weakening rand and rising global oil prices at the end of April.

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Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.57 up by 21 paisa compared to previous price of Rs 65.36 per litre.

"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. Refiners add insurance, a few other charges as well as excise duty, state Value Added Tax (VAT) and Dealers commission to worldwide fuel rate to determine the retail price.

However, oil PSUs have no option but to increase the rates considering the rising price of crude oil globally. Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices. After the revision, a litre of petrol was priced at Rs 74.8 in Delhi, while diesel cost Rs 66.14. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices. According to the website of Indian Oil Corporation Limited (IOCL), petrol was retailing at Rs 75.10 after an increase of 15 paise. Diesel price has also hit its all time high since abolition of LBT here.

However, before the Karnataka polls, fuel prices remained unchanged for 19 days.

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