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Petrol, Diesel Prices Hiked After 19 Days

Petrol, Diesel Prices Hiked After 19 Days

The revision in petrol and diesel prices comes just two days after voting was held for the Karnataka assembly election.

"As soon as Karnataka election is over, government has made a decision to increase petrol and diesel prices". Chairman Sanjiv Singh had earlier said that his firm had chose to "temporarily moderate" prices.

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In Delhi, petrol was priced at Rs 74.80 per litre on Monday, highest since September 2013, when it had hit Rs 76.06 a litre. This came on top of a price increase of 17 paise in petrol and 21 paise in diesel on Monday. This figure is based on the average consumption of petrol as well as diesel. Recently, Petroleum Minister Dharmendra Pradhan had argued that almost a dozen countries have petrol and diesel prices higher than India.

The benchmark global diesel rates during this period have climbed from Dollars 84.68 per barrel to USD 88.63.

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The price hike now is to compensate for the loss incurred during this period. It is to be noted that Indian Oil had stopped the daily price revision of petrol and diesel on April 25, 2018. Ltd (HPCL)-introduced dynamic fuel pricing in June, joining countries such as the U.S. and Australia, where fuel prices change daily depending on global oil price fluctuations. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.62, making imports costlier.

Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in the excise duty to cushion the increases warranted from a spike in global oil price.

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A litre of Super petrol in Mombasa will cost Sh103.88, diesel Sh95.35 and Kerosene at Sh75.44. Since then, there had been no increase in the prices - something which analysts feel was directed by the government via an unofficial diktat to oil companies. With the United States reimposing sanctions on Iran, global oil prices are unlikely to come down any time soon. The prices surged both on May 14 and 15, resulting in petrol's net cost going up by 33 paise in Delhi, and diesel's by 44 paise.