Published: Tue, May 15, 2018
Medicine | By Daryl Nelson

Petrol price in Delhi at 56 month peak, diesel at record high

Petrol price in Delhi at 56 month peak, diesel at record high

The price of petrol and diesel were hiked on Monday, just two days after the conclusion of polling activity in the crucial Karnataka Assembly Elections 2018.

OMCs had stopped the daily price revision of petrol and diesel on April 25.

Earlier this month, IOC Chairman Sanjiv Singh had stated that dynamic pricing was suspended temporarily despite a rise in worldwide rates, to avoid panic among consumers. Meanwhile in Kochi, the price of petrol has become Rs. 77.52 per litre, while that of diesel is Rs. 70.56 per litre. The cheapest petrol can be found in Wigan, Lancashire, at £121.8p per litre, while the most expensive is in Lerwick, on the Shetland Isles, at £132.9 a litre, according to Confused.com. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.

Petrol and diesel prices have been hiked yet again by 17 paise per litre and 21 paise per litre respectively.

Petrol and diesel prices were hiked after 19-days yesterday as oil firms began passing on the hike to consumers in line with the rise in global rates.

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Reports said that in the last 19 days, the benchmark diesel rates during this period have climbed from $84.68 per barrel to $88.63.

Global oil prices rallied sharply after Donald Trump withdrew the United States from the Iran nuclear deal on May 8 and vowed to reimpose sanctions on the Persian Gulf country, fueling concern of shrinkage in crude oil supply. The rupee steadily weakening against the dollar only makes matters worse.

The government had asked OMCs to absorb Rs 1 per litre hike in their basket, but the companies have limited room for reduction in prices of fuel products.

OMC including Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL), decide the final retail petrol price by taking into consideration the global crude basket, plus states' Value Added Tax (VAT) and the government's excise duty. The prices were increased by around 20 paise across India. Petrol would cost ₹77.81 a litre and power petrol ₹80.77 a litre, said dealers.

Prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paise every day in the first fortnight of December 2017 before Gujarat went to polls.

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