Petrol and diesel prices were hiked on Tuesday. That marked a second increase in petrol and diesel rates this month. On May 14, the prices were raised after a 19-day hiatus, a day before Karnataka election results. Karnataka voted on Saturday for a new assembly and the results will be announced today. Petrol prices have been increased by 32 paise per litre in Delhi, 33 paise per litre in Kolkata, 31 paise per litre in Mumbai and 34 paise per litre in Chennai in two days, data from Indian Oil Corporation – the country’s largest fuel retailer – showed. Diesel prices have been raised by 43 paise per litre in Delhi, 27 paise per litre in Kolkata, and 46 paise per litre in Mumbai and Chennai.
|Petrol price (in Rs per litre)||Diesel price (in Rs per litre)|
With effect from 6:00 am on May 15, petrol retailed at Rs 74.95 per litre in Delhi, Rs 77.65 per litre in Kolkata, Rs 82.79 per litre in Mumbai and Rs 77.77 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 66.36 per litre, Rs 68.9 per litre, Rs 70.66 per litre and Rs 70.02 per litre respectively.
With Tuesday’s increase, petrol price in Delhi is at a fresh 56-month peak and the price of diesel has registered a new all-time high. (Also read: Clean Petrol, Diesel At Delhi Petrol Pumps)
Indian Oil chairman Sanjiv Singh had last week said that the state-owned firms were “temporarily moderating” prices to avoid sharp spikes and panic among consumers, according to news agency Press Trust of India.
Domestic petrol and diesel prices are determined broadly by global crude oil and rupee-dollar forex rates. Global crude oil prices have risen over the past few months, to trade near 2014 highs.
So far this year, petrol prices have risen by Rs 4.98 per litre in Delhi, Rs 4.93 per litre in Kolkata, Rs 4.92 per litre in Mumbai and Rs 5.24 per litre in Chennai, data from Indian Oil showed. Diesel prices have gone up by Rs 6.72 per litre, Rs 6.6 per litre, Rs 7.39 per litre and Rs 7.19 per litre respectively. During this period, the rupee has weakened more than 5 per cent against the US dollar.
Weakness in the rupee against the greenback makes import of crude oil more expensive for Indian companies. Crude oil is the biggest item on the import bill of India, which imports more than 80 per cent of its crude oil requirements. (Also read: Government Rules Out Excise Duty Cut)
Currently, petrol and diesel prices are reviewed on a daily basis, and the rates are implemented in fuel stations with effect from 6 am every morning. That is part of a new system price revisions adopted by state-run oil marketing companies since June 2017.
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