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Post Karnataka elections fuel prices hiked to record high levels

Post Karnataka elections fuel prices hiked to record high levels

State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in worldwide oil rates and fall in rupee against the USA dollar, as per PTI. State-run oil companies said that the price revision was necessary because of increasing worldwide oil rates, PTI reported. It is to be noted that Indian Oil had stopped the daily price revision of petrol and diesel on April 25, 2018.

"Super petrol increased by 1.18 per cent to $680.83 per tonne in April, Diesel increased 2.91 per cent to $632.72 and Kerosene increased 3.06 per cent to $683.67 per tonne", ERC director general Pavel Oimeke said in the monthly release. But prices were frozen thereafter. After adding excise duty and additional VAT, the price shoots up to around Rs 82.65 (Mumbai) and Rs 77.50 (Kolkata).

Benchmark global diesel rates during this period have climbed from $84.68 per barrel to $88.63. The rupee steadily weakening against the dollar only makes matters worse. The prices were increased by around 20 paise across India. However, they have refused to acknowledge if the freeze followed a government diktat so as to help ruling BJP in Karnataka.

"Drivers are already suffering as last month saw nearly 3p a litre being added to the average price of petrol and diesel, making it the worst monthly fuel price rise since December 2016".

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Last June, Indian oil companies had moved from a "once-in-a-fortnight" revision of petrol and diesel to daily revisions. Then why does government pretend that it is not interfering in determination of fuel prices? The price of petrol in the morning was revised by 17 paise and was retailing for Rs 74.80 in the national capital while the price of diesel jumped 21 paise to Rs 66.14 after a 19-day period where prices were left unrevised despite rising global crude oil price.

Mombasa consumers will pay the lowest at Sh103.88 per litre of petrol and Sh95.35 for an equal quantity of diesel following the latest price adjustment.

"Sadly, the days of petrol and diesel for under £1 a litre in early 2016 are fast becoming a distant memory".