Oil companies revise fuel prices again

Petrol prices hiked for third day straight touches Rs 75.10 in Delhi diesel prices at all time high

OMCs disposed of the daily revision in fuel prices that was being carried out from June 2017.

Diesel prices are now Rs66.57 in New Delhi, Rs69.11 in Kolkata, Rs70.88 in Mumbai and Rs70.25 in Chennai today. Currently, a litre of diesel in Delhi will cost the buyer Rs 66.79 - that is more than the cost of a litre of petrol in Port Blair where petrol price is at Rs 64.96 and only slightly better than Panjim's Rs 69.41.

The rise in worldwide oil prices will hit a sore spot for South African motorists as yet another substantial fuel price hike is on the cards for the end of May. Petrol reached over 75-mark in Delhi and is selling at Rs 75.10 today in the national capital.

With the changes, petrol will cost Rs 110 per litre in Kathmandu Valley. Petrol prices, too, have been increased by 22-24 paise across Delhi, Mumbai, Kolkata and Chennai. The situation is no different in other parts of the country.

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each. Brent crude futures were at $79.36 per barrel, up 8 cents from their last close. The state-run oil marketing companies kept the rate on hold for 19 days. The government has no role in the fuel price hike except for the extra tax levied by respective state governments. The exchange rate of the Indian currency also plays a role in the price hike.

The fuel prices in India have hit an all-time high since 2013 in major metro cities. But when the fuel prices go up, so does the working capital for buying fuel.

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