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

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

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

With the daily price revision of automotive fuels restarting on Monday after a 19-day hiatus due to Karnataka polls, petrol prices reached almost five-year high while diesel prices hit a new all-time high in Delhi.

Similarly, prices of diesel also touched fresh record levels on Wednesday. Diesel prices were increased by 21 paise in Delhi and Kolkata and by 22 paise and 23 paise in Mumbai and Chennai respectively.

Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities.

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This despite benchmark global rate for petrol going up from $78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to $82.98 now, according to sources privy to fuel pricing methodology.

This is the second consecutive day when prices have been hiked by the oil companies, signalling resumption of the daily price revision mechanism after a 19-day hiatus that resulted in Rs 400 crore loss for these entities.

Congress president Rahul Gandhi tweeted: "Karnataka finishes voting, FUEL prices rise to a four-year high!" The brent crude oil is now priced around $78 per barrel. Although the rupee recovered a little on Wednesday, it is still not far from 68 against the dollar.

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The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).

However, before the Karnataka polls, fuel prices remained unchanged for 19 days.

Abhishek Bansal, Chairman, ABans Group, a commodity trading company, said that oil is the most basic commodity and any gradual effect of rising prices may have adverse effect on many other commodities and industries.

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The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.

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