Price of petrol raised by 17 paisa, diesel by 23 paisa

Price of petrol raised by 17 paisa, diesel by 23 paisa

Price of petrol raised by 17 paisa, diesel by 23 paisa

After a gap of 20 days, the state-run oil marketing companies on Monday revised the prices of petrol and diesel.

This comes in the backdrop of voting for Karnataka assembly elections getting over on Saturday. After this, the petrol price in Delhi will now cost Rs 74.80 per liter and in Mumbai the cost of petrol is Rs 82.65 per liter.

As per estimates, state-owned oil marketing companies have lost around Rs 500 crore for the period that they absorbed the higher costs of petrol and diesel and the fall of the rupee against the USA dollar. Petrol prices also rose to Rs74.80 per litre on Monday, the highest since they were raised to Rs76.06 per litre on 14 September 2013. Earlier, the government oil marketing companies used to review fuel prices twice a month.

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In the last few days, if you look at petrol prices for nearly 20 days, they were nearly unchanged across the country. Indian OMCs disposed of the daily revision in fuel prices that was being carried out from June 2017. The rupee has fallen to 67.23 per United States dollar, which is at its lowest since February 8, 2017. Oil companies in India have the mandate to carry out daily revisions in the prices of petrol and diesel.

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If this practice was followed in letter and spirit, petrol and diesel prices should have been increased by Rs 1. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.

However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

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