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

Petrol Diesel Prices Likely To Increase By Rs 4 Per Litre

In the other metropolitan cities of Kolkata, Mumbai and Chennai also, petrol prices were at fresh multi-year high levels of Rs 77.65, Rs 82.79 and Rs 77.77 a litre respectively, data from the International Olympic Committee website showed.

Rising crude oil, coupled with Indian government ruling out excise duty cuts and various states' being reluctant in reducing the Value-Added Tax on fuel prices, has left limited room for OMC to make any relaxation in the price of the product, especially diesel, which is now at a record high.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013) respectively.

Fuel prices have been hiked yet again with petrol prices hiked by 15 paise on Wednesday in Delhi and Mumbai, with prices hitting ₹ 75.10 per litre of petrol in Delhi, and petrol costing ₹ 82.94 per litre in Mumbai.

Global crude oil prices are rising, and so do the petrol and diesel prices in India.

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The state-owned monopoly has chose to increase Rs 2 per litre in petrol, diesel and kerosene.

Diesel prices are now Rs 66.57 in New Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai and Rs 70.25 in Chennai today. The brent crude oil is now priced around $78 per barrel.

"The OMCs which sustained all the losses due to it, will now certainly try to recover their losses by increasing the oil prices" said Madan Sabnavis, Chief Economist at CARE Ratings.

He further said that the prices of the cooking gas (LPG) and civil aviation fuel have remained static at Rs 1,375 per cylinder and Rs 95 per litre respectively.

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