Post Karnataka elections fuel prices hiked to record high levels

Post Karnataka elections fuel prices hiked to record high levels

Despite input cost spiking, the Oil PSUs had kept the rates unchanged for almost three weeks.

The Centre's Narendra Modi government had announced it was freezing the prices of petrol and diesel on 1 May even though benchmark worldwide rates have gone up by nearly $2 per barrel. According to the International Olympic Committee website, now petrol in Delhi will be available at Rs 74.80 per litre.

In Calcutta, petrol will cost Rs 77.50, up from Rs 77.32, a litre and diesel Rs 66.68, compared with Rs 66.63 earlier. More taxes on petrol and diesel, more burden on the consumer. IndianOil Chairman, Sajiv Singh had said that even though the benchmark prices of petrol and diesel were rising, they "were not backed by fundamentals'".

Petrol and diesel prices in Delhi were hiked by 17 and 21 paise per litre respectively.

The National Democratic Alliance government has maintained that it has got no role in pricing since India's three government-run oil marketing companies-Indian Oil Corp.

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

Oil PSUs, which have been since June 2018 revising auto fuel prices on a daily basis to reflect changes in the cost, have kept pump rates static since April 24, an analysis of daily price notification issued by oil companies showed. The two rupee per litre cut in basic excise duties in October 2017 cost the government Rs 130 billion in 2017-18, according to estimates.

With May 15 increase, petrol price in Delhi was at a new 56 month peak, whereas the price of diesel registered a fresh all-time high. "Now that prices have been hiked, the interpretation is all too clear".

Now that Karnataka election is out of the way, OMCs might go for a sharp increase in petrol, diesel prices to make up for the losses incurred since April 24. The fuel price hike continued for a second day today.

Nakuru motorists will pay Sh107.86 for super petrol, Sh99.54 for diesel and Sh79.05 for kerosene per litre.

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