Petrol, Diesel Prices Continue to Rise After 19-Day Freeze
Petrol, Diesel Prices Continue to Rise After 19-Day Freeze
16 May, 2018, 11:56
Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.57 up by 21 paisa compared to previous price of Rs 65.36 per litre.
Petrol will now cost Rs 75 per litrein Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.
Oil marketing companies seem to have woken up from a deep slumber as soon as Karnataka polls are over as they have once again started pushing up fuel prices.
Diesel price in India today: It's a insane world for Indian fuel prices, as the state-owned OMCs have continued to hike diesel prices to record highs for third consecutive day in various state capitals in India.
The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections. While today is the third consecutive day when prices of essential fuels were increased, there was no increase in the rates for a few weeks since April 24. Adding to the woes, the government has also denied reducing excise duty prices, thus taking a bigger hit on the public.
This, however, was not the only time oil PSUs kept prices unchanged before state elections. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision, following which fuel prices are revised at 6 am every day.
Defending the freeze in petrol and diesel prices, Sanjiv Singh, Chairman and Chief Executive Officer (CEO) at Indian Oil Corporation (IOC) last week said that the increase will be passed on to the consumers in due time, without disclosing the increase or the time frame. Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices.
Though retail petrol and diesel prices in India follow global movement of product prices, any developments on crude oil front also impacts product pricing.
The price of fuel is expected to skyrocket past R15 per litre. More taxes on petrol and diesel, more burden on the consumer.
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