Petrol, Diesel Prices Hiked Again After A Hiatus Of 19 Days

Petrol and diesel prices have been hiked yet again by 17 paise per litre and 21 paise per litre respectively. As per the new rates, now petrol rates in Delhi have reached Rs. 74.80 per litre from Rs. 74.63, while diesel rates were increased to Rs. 66.14 a litre from Rs. 65.93. Petrol and diesel prices in India were unchanged for the last 19 days before oil PSUs reverted to daily revision in prices. As per the latest fuel rates, petrol prices are at a 56-month peak, while diesel prices are at a record high.

Interestingly, Oil PSUs maintained static fuel priced since April 24 by 13 paise each, just until Karnataka went to polls, before announcing the hike no sooner had the state voted to elect a new government on Saturday. However, they have refused to acknowledge if the freeze followed a government diktat so as to help ruling BJP in Karnataka.

Oil marketing companies have estimated a loss of about Rs. 500 crore as they absorbed higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar. Indian Oil Corp (IOC) Chairman Sanjiv Singh had earlier mentioned that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers. Benchmark international rate for petrol during this time went up from $ 78.84 per barrel to $ 82.98, while diesel rates during this period have climbed from $ 84.68 per barrel to $ 88.63. Also, the rupee has weakened to Rs 67 per US dollar from Rs 66.62, making imports costlier.

Having said that, according to Indian Oil's price list petrol prices continue to remain highest in Mumbai at Rs. 82.65 while diesel rates are the highest in Hyderabad at Rs. 71.67. Diesel prices in Mumbai are at Rs 70.43, while petrol price in Hyderabad right now is Rs. 79.39.

Current Fuel Prices In Major Cities (Indian Oil Rates):

Mumbai: Rs 82.65 (Petrol), 76.02 (Diesel)

Delhi: Rs 74.80 (Petrol), Rs 66.14 (Diesel)

Chennai: Rs 77.61 (Petrol), Rs 69.79 (Diesel)

Bengaluru: Rs 75.86 (Petrol), Rs 67.08 (Diesel)

Hyderabad: Rs 79.08 (Petrol), Rs 71.67 (Diesel)

Kolkata: Rs 77.50 (Petrol), Rs 68.68 (Diesel)