Published: Wed, May 16, 2018
Markets | By Otis Pena

Petrol, diesel prices hiked

Petrol, diesel prices hiked

Analysts say prices could go up by additional Rs 4 per litre in coming days with oil firms trying to recover their marketing margins.

The politically risk-free hike not only raised questions about the so-called policy to deregulate energy prices but was also criticised by the Opposition as the worst form of trickery on the people.

Petrol will now cost Rs 75 per litre in Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.

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.

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The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections. According to experts the three oil marketing companies - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd- together suffered losses of around Rs 1,500-1,700 crore due to the steep rise in prices. Adding to the woes, the government has also denied reducing excise duty prices, thus taking a bigger hit on the public.

Oil PSUs, which have been revising auto fuel prices on a daily basis since June past year to reflect changes in the cost, had kept pump rates static since April 24, in the wake of Karnataka polls. Five states including Punjab, Goa, Uttarakhand, Uttar Pradesh and Manipur had elections during the January-April 2017 period. Today, diesel prices were increased in the range of 21 paisa to 23 paisa per litre. According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai. In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%.

This means that the country started the month of May with a fuel price deficit.

M K Surana, chairman at Hindustan Petroleum (HPCL) said in an interview that if the worldwide fuel prices continue to surge, OMCs will have to pass on the increase to consumers. The centre had cut excise duty on petrol and diesel by Rs 2 per litre in October last year for the first time in four years.

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