Economy

Petrol prices above Rs 75 per litre in New Delhi

Petrol prices above Rs 75 per litre in New Delhi

But when the fuel prices go up, so does the working capital for buying fuel. Allegations are flying high that the fuel prices were "frozen" with the Karnataka elections in mind. The government has no role in the fuel price hike except for the extra tax levied by respective state governments. This is the highest petrol price since September 2013 when the petrol price rose to Rs 76.06/litre. In Mumbai, petrol is now priced at Rs 83.16, while it is Rs 78.01 and Rs 78.16 in Kolkata and Chennai.

"The increase in petrol and diesel prices is on account of price movement of the products in the worldwide market".

Diesel prices are now Rs 66.57 in New Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai and Rs 70.25 in Chennai today.

The retail price of petrol and diesel increased by 17 paise and 21 paise, respectively, on Monday as well.

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Similarly, diesel and kerosene will each cost Rs 92 per litre within 15-kilometre distance in Kathmandu Valley and Rs 91.50 per litre in Dang and Pokhara respectively.

Oil PSUs, which have been revising auto fuel prices on a daily basis since June previous year to reflect changes in the cost, had kept pump rates static since April 24, in the wake of Karnataka polls. The rupee has been down by 6% against the United States dollar so far this year.

Brent crude touched an intra-day peak of $79.47 a barrel its highest since November 2014. This is not very reassuring for the common man. The deferred loss from last month will now be included in their month's fuel price hike adjustment. After a relief of 19 days, fuel prices have again started moving up in line with worldwide crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24. Oil PSUs that had kept rates unchanged for almost three weeks before Karnataka polls despite a spike in input cost, reverted to daily revision in prices as soon as the state voted.

Petrol price in Chennai today: The petrol price here stood at Rs 78.16 paisa up by 23 paisa versus previous day prices of Rs 77.93 per litre.


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