Published: Wed, May 16, 2018
Money | By Ralph Mccoy

Petrol, diesel prices rise on Tuesday after 19-day freeze

Petrol, diesel prices rise on Tuesday after 19-day freeze

With Tuesday's hike, petrol now sells at four-year high level of Rs 74.95 a litre and diesel at an all time high level of Rs 66.36 a litre in Delhi.

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.

In Delhi, the per litre price of petrol and diesel stood at Rs 74.95 and 66.36 respectively, on Tuesday. In Kolkata, the prices were increased by 14 paise per litre and 16 paise per litre in Chennai, according to Indian Oil Corporation website. But starting from Monday, the prices are again going up swiftly to see all time high for petrol and diesel in the city in post Local Body Tax (LBT) era.

The politically risk-free hike not only raised questions about the so-called policy to deregulate energy prices but was also criticised by the Opposition as the worst form of trickery on the people. Analysts say prices could go up by additional Rs 4 per litre in coming days with oil firms trying to recover their marketing margins. The companies need to catch up on market prices as 19-day price freeze has created a wider gap.

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Fuel rates are determined by primarily two factors - the global crude oil rate and the rupee-dollar forex rate.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October previous year by Rs 2 a litre.

This means that the country started the month of May with a fuel price deficit. Diesel price has also hit its all time high since abolition of LBT here.

M K Surana, chairman at Hindustan Petroleum (HPCL) said in an interview that if the worldwide fuel prices continue to surge, OMCs will have to pass on the increase to consumers. "Most of us have lost sizable business because of high diesel cost". The prices, that are expected to fluctuate every day since the Government brought in place dynamic pricing system for petrol and diesel, there was a lull for about 18 days.

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