Petrol, diesel prices touch new high in two days

Petrol, diesel prices touch new high in two days

As per the Indian Oil Corp website, petrol price in Mumbai rose to Rs 82.65 a litre on Monday, while diesel prices reached Rs 70.43. After a relief of 19 days, fuel prices have again started moving up in line with global crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24.

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.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013) respectively.

The Rs4 per litre petrol hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon. Diesel prices touched Rs 68.9 in Kolkata (Rs 68.68 on Monday), Rs 70.66 in Mumbai (Rs 70.43) and Rs 70.02 in Chennai (Rs 69.79). With the increasing price, there is no relief for the public.

With elections in Karnataka concluding, other states like Mizoram, Chhattisgarh, Madhya Pradesh and Rajasthan are next in line for state legislative assembly elections, before the country gets ready for general elections in 2019.

Petrol And Diesel Prices Hiked Again — Petrol Price In Mumbai Stands At Rs 83.16 Per Litre

The fuel prices in Kolkata has also gone up. At BPCL outlets, petrol was priced Rs. 79.35 and diesel Rs. 72.09.

More than one in eight (13 per cent) say the cost of fuel is making them consider buying a hybrid vehicle, while nearly a tenth (9 per cent) are considering switching to electric.

Elevated oil price would give a big blow to inflation which could in turn compel the Reserve Bank of India (RBI) to opt for a rate hike. The government has no role in the fuel price hike except for the extra tax levied by respective state governments. Allegations are flying high that the fuel prices were "frozen" with the Karnataka elections in mind.

For a diesel auto with the same sized tank will cost £9 more to fill than it did back in August 2016, when fuel prices were just 111.9p per litre.

Sensex closes 150 points in the red despite recovering some losses
It has been in a virtual free fall for the Indian unit which settled a hairs breadth below its intra-day low of 68.15 a dollar. The NSE Nifty index was trading 20 points down at 10,721, while the BSE Sensex was down 62 points at 35,326 around 10:05 am.

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