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Petrol, diesel prices touch new high in two days

17 May 2018

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.

(IOC) raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre on Tuesday. However, fuel prices remained unchanged for 19 days before the Karnataka elections, and state-owned oil companies are estimated to have lost around ₹ 500 crore as they absorbed the higher cost due to the rise in worldwide crude prices as well as the fall in rupee against the USA dollar during the period.

Petrol price in New Delhi today: The petrol price here stood at Rs 74.95 per litre higher by 22 paisa from previous day of Rs 75.10 per litre.

Similarly, petrol prices are at Rs 77.79 per litre in Kolkata and Rs 77.93 per litre in Chennai.

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Motorists will feel the pinch yet again, as another petrol price hike is on the cards.

Of course the larger your fuel bill becomes, it means you have to make amends in your budget elsewhere as everything else gets affected when fuel costs rise, especially food prices. The situation is no different in other parts of the country. Brent crude futures were at $79.36 per barrel, up 8 cents from their last close. In the capital city, diesel has already surpassed its record and is at an all-time high.

The daily pricing of fuel was enforced by the government in June a year ago to align with the worldwide oil prices and currency volatility. The government has no role in the fuel price hike except for the extra tax levied by respective state governments. As if the worst fear of every citizen has come true, fuel prices are swiftly moving towards unprecedented levels. Oil PSUs that had kept rates unchanged for almost three weeks before Karnataka polls despite a spike in input cost, reverted to daily revision in prices as soon as the state voted.

Petrol, diesel prices touch new high in two days