Tuesday, 16 October, 2018

Petrol, diesel prices touch new high in two days

Petrol prices hiked now Rs 75.61 in Delhi Rs 83.45 in Mumbai PC Reuters
Ben Pena | 17 May, 2018, 01:03

Though retail petrol and diesel prices in India follow worldwide movement of product prices, any developments on crude oil front also impacts product pricing. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai.

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.

The state-owned monopoly has made a decision to increase Rs 2 per litre in petrol, diesel and kerosene.

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.

Petrol and diesel prices were raised on Monday after an unofficial 19-day freeze that mysteriously melted no sooner than the Karnataka polls had ended. Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers.

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The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.

"With the revised rate in petroleum products, NOC reaches break-even point, otherwise, it would have suffered Rs 320 million loss", Goit added.

"The increase in petrol and diesel prices is on account of price movement of the products in the global market".

According to Anoop Bhatia, VP & Sector Head (Corporate Ratings) at rating agency ICRA said "It would take at least around two weeks of modest price hike by the OMCs for aligning retail fuel prices with the worldwide level, even if crude oil prices do not increase from the current level".

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