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

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

The price of petrol and diesel were hiked on Monday, just two days after the conclusion of polling activity in the crucial Karnataka Assembly Elections 2018. With this, diesel prices are now at a record high while petrol is at a 56-month peak.

The Centre reduced excise duty on petrol and diesel by Rs 2 a litre on October 3 to tame rising inflation and to shield consumers from the surging price of auto fuels, the first cut after duty were raised on nine occasions between 2015 and 2016. In Chennai, the price of petrol is Rs 77.61 per liter, while diesel is priced at Rs 69.79 per liter, while in Kolkata it is Rs 77.50 per liter, while diesel has been priced at Rs 68.68 per liter.

The Oil PSUs had themselves absorbed the costs of worldwide spikes in the price of petrol and diesel before they reverted to the process of daily revision in rates on Monday. Petrol prices in Delhi were hiked to Rs 74. "Even though product prices needed to be increased between Rs 2and Rs 3 per litre since then due to global developments", said an oil sector analyst asking not to be named. 63 while diesel rates were increased to Rs 66.

The price hike now is to compensate for the loss incurred during this period. Also, the rupee has weakened to Rs 67 per USA dollar from Rs 66.

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In June 2017, state-owned oil companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation discontinued a 15-year practice of revising rates every fortnight and switched to daily revisions.

Since the start of this financial year, petrol prices have gone up by Rs 1.24-1.32 per litre across the metro cities. Oil companies in India have the mandate to carry out daily revisions in the prices of petrol and diesel. There have been many occasions in the past where a government squeezed oil prices before an important event or elections to woo voters. The near Rs 83 per litre-mark here was last seen in September 2013.

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

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