Indian Oil hikes petrol, diesel prices for second straight day

Petrol diesel prices hiked after 19 days as Karnataka elections get over

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 Since 2012 union government has withdrawn all subsidies on fuel prices and the oil companies permitted to hike or reduce fuel prices on basis of the global price of crude.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.

Related:

  • NY  nanny sentenced to life in prison for killing two children

    NY nanny sentenced to life in prison for killing two children

    But when they arrived, Lulu wasn't there. "Get me out of here". "The defendant is an evil and utterly unsafe narcissist", he said. Manhattan District Attorney Cy Vance attended the sentencing, as well as at least nine jurors and alternates from the trial.
    Fiery cleric, paramilitary leader surge at Iraq elections

    Fiery cleric, paramilitary leader surge at Iraq elections

    Supporters of Shiite cleric Moqtada al-Sadr carry his image as they celebrate in Tahrir Square, Baghdad , on May 14. Incumbent Prime Minister Haidar al-Abadi, who had sought to reach across Iraq's sectarian divides, was trailing.
    What Got Mark Hamill to Return to the Star Wars Galaxy?

    What Got Mark Hamill to Return to the Star Wars Galaxy?

    While Luke will probably have a key role to play in the new movies, it’s certain the new actors will dominate the storyline. He felt he needed to know what all those years have done to Luke even if the material doesn’t get told in the actual movie.
  • Fulham 2-0 Derby County (Agg 2-1)

    Fulham 2-0 Derby County (Agg 2-1)

    "If we go 1-0 down, we need them to keep screaming and shouting for us and get us through this leg". Carson, though, was finally breached just two minutes after the restart as Sessegnon struck.
    NBA champ faces best of season in West final

    NBA champ faces best of season in West final

    Falling into an 0-1 hole gives no assurances that there will be a Game 5, and it would put the Rockets' backs against the wall. One thing that appears close to certain - the Warriors-Rockets conference final series should be a wild, high-scoring affair.
    True Love Exists!

    True Love Exists!

    Moreover, for the first time, Ivy and David even did not see each other, due to the fact that their communication was online. It should be noticed that these two people began relations just as friends, as they lived in different countries.
  • Google One Is Google's Paid Storage Service

    Google One Is Google's Paid Storage Service

    The company will be sending users an email when the plans become available in Malaysia, prices might vary when it releases here. Thanks to mobile phones, and new file formats like 4K video and high-res photography, people are storing more than ever before.
    Global Resource Coin

    Global Resource Coin

    In addition, from the year 2018 GRC’s cryptocurrency rate is expected to grow due to its social usefulness and relevance. In order to do this, you need to have a considerable amount of money, a special financial education and a special license.
    Do you know how to get rich on bets?

    Do you know how to get rich on bets?

    How to do that a lot of people knows, but not everyone knows how to do it correctly and with minimal losses. The main desire of all players who make bets - is an opportunity to win as soon as possible.
  • CM Sonowal threatens to quit if Assam's interest not protected

    CM Sonowal threatens to quit if Assam's interest not protected

    As per the Accord, the immigrants, irrespective of faith who entered Assam after March 24, 1971, will be detected and deported. The chief minister said that before the JPC's visit, it was alleged that he was not allowing it to come to Assam.
    Bachelor party in Kiev — unforgettable impressions are guaranteed

    Bachelor party in Kiev — unforgettable impressions are guaranteed

    Spectacular dancers will complement the spectacular dance of any composition, leaving an unforgettable impression in your memory. A special chic to the club is given by colorful and incendiary performances, over which a professional choreographer works.
    Gifts for casinos fans

    Gifts for casinos fans

    When it comes to novice players, they will be fully satisfied with a small table for the poker with the value of about $ 250. Oh, and if you don’t want to pay for the table a lot of money, and know how to use tools, you can make it by yourself.

Comments

Other news