Despite daily revision of fuel prices being implemented since mid of last year, the price of fuel prices have remain unchanged over the last week. This has come in even as the international crude oil prices continue to soar.
Of late, petrol prices have breached multi-year highs while diesel has hit new records. Prices were last increased on April 24 and currently petrol in New Delhi is priced at Rs. 74.63/litre while diesel is available for Rs. 65.93/litre at Indian Oil outlets.
As per leading business news daily, leading OMCs have not been increasing the price of fuel in the wake of recent reports that hint at government's request to absorb a part of losses due to rising crude oil prices just ahead of state elections. The price de-regulation is only on a temporary basis and as per experts the losses shall be compensation with sharp price increase soon after the elections.
Petrol price in the national capital hit a high of Rs. 74.63 per litre where as diesel stood at an all time high price. Since July 1, 2017, prices of petrol and diesel have surged by Rs 11.54/litre and Rs 12.6/litre in Delhi.