Fuel prices up 2 days in row after K'taka polls

Fuel prices up 2 days in row after K'taka polls

A large petrol price increase is expected at the end of this month, going into June.
According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai.

According to Anoop Bhatia, VP & Sector Head (Corporate Ratings) at rating agency ICRA said "It would take at least around two weeks of modest price hike by the OMCs for aligning retail fuel prices with the global level, even if crude oil prices do not increase from the current level".

On May 14 and 15 the retail fuel price in Hyderabad rose by Rs 0.19 and Rs 0.16 respectively.

In the finance capital Mumbai, the petrol costs Rs 83.16/litre.

Diesel prices were hiked by 21 paise per litre in Delhi and Kolkata, 22 paise per litre in Mumbai and 23 paise per litre in Chennai.

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A Rs4 per litre hike in petrol and diesel prices is in the offing if state-owned fuel retailers are to return to pre-Karnataka election margin levels, brokerage firms have said.

Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 78.01 per litre up by 22 paisa compared to previous day price of Rs 77.79 per litre.

It was bolstered by signs that major oil producers are still committed to reducing supply and rising spectre of United States sanctions against Iran.

Oil marketing companies were under pressure to pass on the impact of an increase in crude oil process due to their mounting losses. The situation is no different in other parts of the country.

The Rs4 per litre petrol hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon. The motorists will feel the heat of the surge in fuel prices across the nation. With crude touching $79.47 a barrel, and the rupee down more than 6 per cent to nearly 68 against the dollar, fuel prices were bound to be affected.

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