Indian Oil hikes petrol, diesel prices for second straight day

Petrol prices are now just 1 cent a litre off an all time high at many stations across New Zealand

In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.

It should be noted that the Oil PSUs, who are responsible for revising rates, had kept it unchanged from April 24, roughly three weeks from now. During the same period, the Indian National Rupee has weakened more than 5 per cent against the U.S. dollar, resulting in crude oil import getting more expensive for oil companies. Since 2012 union government has withdrawn all subsidies on fuel prices and the oil companies permitted to hike or reduce fuel prices on basis of the global price of crude.

Revised prices will see a litre of unleaded fuel now cost €1.56, while diesel will rise to €1.35 a litre. IOCL chairman Sanjiv Singh said that the price hike has been avoided to reduce pain to the consumer.

"As soon as Karnataka election is over, government has made a decision to increase petrol and diesel prices". But prices were frozen thereafter. As per IOCL's website, petrol price in Mumbai are now at Rs 82.79 a litre, while diesel prices reached Rs 70.66.

Reports said that in the last 19 days, the benchmark diesel rates during this period have climbed from $84.68 per barrel to $88.63. Also, the rupee has weakened to Rs 67 per USA dollar from Rs 66.62, making imports costlier.

"We have chose to temporarily moderate retail prices by not passing on the required increase as we believe the current worldwide oil product prices are not supported by fundamentals". The prices will slightly vary in bunks operated by different oil marketing firms.

Now that Karnataka election is out of the way, OMCs might go for a sharp increase in petrol, diesel prices to make up for the losses incurred since April 24. The oil PSUs have refused that there was no order to freeze the costs in a bid to help ruling BJP in Karnataka elections.

The oil companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - have been silent why they haven't carried out daily revisions in fuel prices in the last 21 days.

In the last few days, if you look at petrol prices for nearly 20 days, they were nearly unchanged across the country. More taxes on petrol and diesel, more burden on the consumer.

OMC including Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL), decide the final retail petrol price by taking into consideration the worldwide crude basket, plus states' Value Added Tax (VAT) and the government's excise duty. This led to its excise mop up more than doubling to Rs 2,42,000 crore in financial year 2016-17 from Rs 99,000 crore in fiscal 2014-15.

Nakuru motorists will pay Sh107.86 for super petrol, Sh99.54 for diesel and Sh79.05 for kerosene per litre.

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