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Petrol Close to Rs 76 After Biggest Hike This Week, Diesel at All-Time High
Petrol and diesel prices were hiked again today for the sixth day this week. Petrol was up by 30 paise on an average (highest this week) on May 19 raising prices per litre of petrol to Rs 75.91 in Delhi, Rs 78.59 in Kolkata, Rs 83.75 in Mumbai and Rs 78.78 in Chennai.
| City | May 19 | May 18 | Difference |
|---|---|---|---|
| Delhi | 75.91 | 75.61 | 0.30 |
| Kolkata | 78.59 | 78.29 | 0.30 |
| Mumbai | 83.75 | 83.45 | 0.30 |
| Chennai | 78.78 | 78.46 | 0.32 |
Diesel price per litre is at its all-time high of Rs 67.31 in Delhi, Rs 69.86 in Kolkata, Ra 71.67 in Mumbai and Rs 71.04 in Chennai.
| City | May 19 | May 18 | Difference |
|---|---|---|---|
| Delhi | 67.31 | 67.08 | 0.23 |
| Kolkata | 69.86 | 69.63 | 0.23 |
| Mumbai | 71.67 | 71.42 | 0.25 |
| Chennai | 71.04 | 70.8 | 0.24 |
Fuel prices have been on a steady rise since Monday to match cost margins after Karnataka pre-poll halt. Despite continuous rise in international crude oil prices, petrol and diesel were parked across India, 3 weeks ahead of Karnataka assembly polls on April 24. Petrol was at Rs 74.63 per litre, while Diesel was prices at Rs 65.93 per litre respectively in Delhi till May 13.
A day after the polls, state-owned oil marketing companies returned to the daily revision practice on May 14, but they are estimated to have lost Rs 500 crore during the period. To recover this loss, fuel prices are expected to rise for the next few days.
Oil prices in India are influenced by international fuel rates and the movement in dollar value, both are currently not in our favour.
Petrol price per litre in state capitals on May 19:
| State Capital | Price/ Litre (Rupees) |
|---|---|
| Agartala | 71.69 |
| Aizwal | 71.81 |
| Ambala | 76.03 |
| Bangalore | 77.14 |
| Bhopal | 81.49 |
| Bhubhaneswar | 74.74 |
| Chandigarh | 73.01 |
| Dehradun | 77.36 |
| Gandhinagar | 75.22 |
| Gangtok | 78.95 |
| Guwahati | 78.03 |
| Hyderabad | 80.41 |
| Imphal | 74 |
| Itanagar | 71.83 |
| Jaipur | 78.64 |
| Jammu | 77.65 |
| Jullunder | 81.15 |
| Kohima | 74.38 |
| Lucknow | 76.84 |
| Panjim | 69.95 |
| Patna | 81.4 |
| Pondicherry | 74.72 |
| Port Blair | 65.46 |
| Raipur | 76.33 |
| Ranchi | 76 |
| Shillong | 75.3 |
| Shimla | 76.09 |
| Srinagar | 80.34 |
| Trivandrum | 80.01 |
| Silvasa | 73.85 |
| Daman | 73.78 |
Diesel price per litre in state capitals on May 19:
| State Capital | Price/ Litre (Rupees) |
|---|---|
| Agartala | 65.43 |
| Aizwal | 64.63 |
| Ambala | 67.82 |
| Bangalore | 68.47 |
| Bhopal | 70.84 |
| Bhubhaneswar | 72.15 |
| Chandigarh | 65.36 |
| Dehradun | 67.64 |
| Gandhinagar | 72.34 |
| Gangtok | 69.05 |
| Guwahati | 70.25 |
| Hyderabad | 73.16 |
| Imphal | 65.39 |
| Itanagar | 64.61 |
| Jaipur | 71.7 |
| Jammu | 68.48 |
| Jullunder | 67.28 |
| Kohima | 65.68 |
| Lucknow | 67.46 |
| Panjim | 68.5 |
| Patna | 71.98 |
| Pondicherry | 69.54 |
| Port Blair | 63.11 |
| Raipur | 72.68 |
| Ranchi | 71.08 |
| Shillong | 67.12 |
| Shimla | 66.96 |
| Srinagar | 70.7 |
| Trivandrum | 73.06 |
| Silvasa | 68.12 |
| Daman | 68.06 |
Globally, the international crude oil benchmark crossed $80 per barrel mark this week, its highest level since 2014. Reports suggest that it will reach $100 per barrel by the end of this year. US dollar strengthened against its counterparts as the American economy reported a growth in its economy this week.
Meanwhile, an official statement said that Oil Minister Dharmendra Pradhan has been in talks with Saudi Arabia to keep the prices and crude oil supplies steady for the country amid shortfalls in supply faced globally.
Outputs cuts made by Organization of the Petroleum Exporting Countries (OPEC), shrinking supplies from Venezuela and renewal of US-sanctions on Iran-the third-largest oil producer among OPEC has surged the international fuel prices.
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