Petrol, Diesel Prices Hiked Again, Rs 4/Litre Increase Expected

Petrol and diesel rates were raised again for the fifth day this week. Petrol was up by an average of 29 paise per litre in metro cities, diesel prices were raised by 30 paise per litre.

Petrol prices in metro cities (per litre in rupees):

Diesel prices in metro cities (per litre in rupees):

Between April 24 and May 13, fuel rates were not revised, unlike the state-owned oil marketing company - IOC's usual practice to match the rates with international changes on a daily basis. Pre-election practices suggest that the pause was made to prevent a sense of panic among voters prior to Karnataka assembly polls held on 12 May.

However, international crude oil benchmark had gone up from $78.84 per barrel on April 24 to $82.98 on May 14. Brent crude oil crossed $80 per barrel yesterday. Reports suggest that in order to meet its losses from the 19-day halt the in revision of fuel prices (estimated to be Rs 500 crore) and make sure the retail price is in line with its costs, the prices could be increased by Rs 4 per litre.

On April 24, a litre of petrol was priced at Rs 74.63, which costs Rs 75.61 today. This means there has been a hike of 1 rupee in 5 days. It is likely to cross the all time high of Rs 76.06 (September 14, 2013) by next week. Diesel is already the costliest its ever been at Rs 67.08 per litre in Delhi.

Petrol price per litre in rupees in state capitals:

Diesel price per litre in rupees in state capitals: