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Diesel At Record High, Petrol Prices At 56-Month Peak Post Karnataka Poll

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After a 19-day pause, petrol price today was hiked by 17 paise a litre and diesel by 21 paise in the Capital. The state-owned oil firms have passed on the international rise in crude oil prices to Indian consumers.

Petrol Prices May Rise Steeply After Karnataka Elections; Here's Why?

Petrol in Delhi now costs Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93 as per IOC's (Indian Oil Corporation Limited) website. This would be diesel's costliest ever price while petrol is at its 56-month high.

Diesel At Record High, Petrol Prices At 56-Month Peak Post Karnataka Poll
 

IOC has been revising petrol and diesel rates every day since June, but these were kept unchanged since 24 April, three weeks before Karnataka assembly polls. Reports suggest that the state-owned oil companies would have incurred almost Rs 500 crore in losses by not reflecting the increase in international prices and deteriorating rupee value in its fuel charges.

Here are the petrol prices in metro cities on May 14, 2018 (in rupees):

City May 14 Since April 24 Difference
Delhi 74.8 74.63 0.17
Kolkata 77.5 77.32 0.18
Mumbai 82.65 82.48 0.17
Chennai 77.61 77.43 0.18

Diesel prices in metro cities on May 14, 2018 (in rupees):

City May 14 Since April 24 Difference
Delhi 66.14 65.93 0.21
Kolkata 68.68 68.63 0.05
Mumbai 70.43 70.2 0.23
Chennai 69.79 69.56 0.23

Petrol prices in state capitals on May 14, 2018 (in rupees):

State Capital Prices
Agartala 70.64
Aizwal 70.77
Ambala 74.92
Bangalore 76.01
Bhopal 80.36
Bhubhaneswar 73.64
Chandigarh 71.94
Dehradun 76.48
Gandhinagar 74.12
Gangtok 77.85
Guwahati 76.87
Hyderabad 79.23
Imphal 72.91
Itanagar 70.78
Jaipur 77.51
Jammu 76.57
Jullunder 80.01
Kohima 73.29
Lucknow 75.97
Panjim 68.92
Patna 80.3
Pondicherry 73.65
Port Blair 64.53
Raipur 75.24
Ranchi 75.13
Shillong 74.21
Shimla 74.99
Srinagar 79.26
Trivandrum 78.85
Silvasa 72.78
Daman 72.71

Diesel prices in state capitals on May 14, 2018 (in rupees):

State Capital Prices
Agartala 64.29
Aizwal 63.51
Ambala 66.65
Bangalore 67.27
Bhopal 69.61
Bhubhaneswar 70.88
Chandigarh 64.22
Dehradun 66.46
Gandhinagar 71.08
Gangtok 67.9
Guwahati 69.01
Hyderabad 71.89
Imphal 64.24
Itanagar 63.48
Jaipur 70.48
Jammu 67.32
Jullunder 66.13
Kohima 64.54
Lucknow 66.28
Panjim 67.3
Patna 70.78
Pondicherry 68.34
Port Blair 62.05
Raipur 71.42
Ranchi 69.85
Shillong 65.95
Shimla 65.81
Srinagar 69.54
Trivandrum 71.81
Silvasa 66.95
Daman 66.88

Internationally, benchmark Brent was at $76.71 a barrel and has been fluctuating in the $74-77.50 range for the last 7 days.

In June, state-owned companies had given up its 15-year old practice of revising fuel rates on the first and 26th of every month and adopted a dynamic daily price revision based on international crude oil prices. In June 2010, the government had terminated its control on regulating petrol prices and diesel was deregulated from October 2014. Since then fuel prices have been moving as per the international oil prices, however, it has been observed that the revision is held before any major election, suspecting government involvement in the price regulation.

 

Petrol and diesel rates are also imposed with high excise and customs duty apart from state-specific taxes. Between November 2014 and January 2016, excise duty was raised nine times despite a fall in crude oil prices abroad.

Read more about: petrol diesel
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