Petrol, diesel prices increased after 19-day gap

Petrol, diesel prices increased after 19-day gap

As anticipated after Karnataka elections, petrol and crude oil prices have risen after remaining static for the period of 19 days. Karnataka voted on Saturday for a new assembly and the results will be announced tomorrow.

The price of petrol has been hiked by 17 paisa per litre, while that of diesel by 23 paisa per litre. Petrol price was seen at Rs 74.80 per litre, the highest since September 2013, and diesel was seen at Rs 66.14 per litre. 93, according to a price notification issued by state-owned oil marketing companies.

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Retail price of petrol has moved up from Rs 68.38 a litre prevailing immediately after earlier round of Rs 2 excise duty cut on October 3 to 55-month high of Rs 74.63 a litre on April 24, the date since when retail price revision has been frozen. The companies are estimated to have incurred loss of about Rs 500 crore as they did not revise the prices despite a spike in global rates and fall in rupee against the USA dollar. Prior to June 2017 rates were revised on a fortnight basis. We can expect further price hikes in the coming days. The idea of daily revision was to link it with continuous change in global crude oil price, however, that is now not on the table as the price has soared to over $76 per barrel mark which is highest since 2014 and no intervention from OMCs has been forthcoming. The rupee has fallen to 67.23 per United States dollar, which is at its lowest since February 8, 2017. The price of petrol has changed in the 21st day i.e. three weeks later. There have been many occasions in the past where a government squeezed oil prices before an important event or elections to woo voters. The rise in crude oil prices will increase the liability as the rupee has also started depreciating against the dollar.

Interestingly, Brent crude oil prices increased by about $3 (Rs 200) per barrel during the period when fuel prices in India remained unchanged.

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