June's petrol price could rocket past R15 a litre

Petrol price hike ordered again rate just short of all-time high diesel price at record high

Petrol price in New Delhi stood at Rs 74.95 per litre. Image source Reuters

Similarly, in Delhi the petrol price touched Rs 74.80 a litre, while diesel prices stood at Rs 66.14. Diesel prices in Delhi have accordingly moved upwards at Rs 66.57 per litre and Rs 70.88 per litre in Mumbai.

The report also stated the marketing margins of OMCs has been severely impacted and reached a low of Rs 0.25 per litre because the retail prices were frozen since 24 April at a time when crude prices have gone up and the rupee depreciated against the dollar. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai.

Petrol that was sold at a price of Rs 83.28 per litre on Monday gained 14 paise on Tuesday night to climb up to an all time high of Rs 83.42 per litre.

After remaining stagnant for 19 days, fuel prices have risen across the country for the third day in a row.

The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections. An analysis of historical fuel price changes by Indian Oil (IOC) shows the company had kept the prices static between 16 January 2017 and 1 April 2017, when the company followed fortnightly revision of fuel prices.

Petrol now costs Rs 75.10 in Delhi a litre, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai, Rs 77.93 in Chennai, Rs 76.31 in Bengaluru, and Rs 79.55 in Hyderabad. Refiners add insurance, a few other charges as well as excise duty, state Value Added Tax (VAT) and Dealers commission to global fuel rate to determine the retail price.

Oil PSUs, which have been revising auto fuel prices on a daily basis since June previous year to reflect changes in the cost, had kept pump rates static since April 24, in the wake of Karnataka polls. Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices. The prices, that are expected to fluctuate every day since the Government brought in place dynamic pricing system for petrol and diesel, there was a lull for about 18 days.

It may be noted that the gradual increase in prices of diesel and petrol were resumed after polling in Karnataka. More taxes on petrol and diesel, more burden on the consumer.

Latest News