Health Care

Petrol crosses Rs 75 per litre in Delhi, highest since Sep 2013

Petrol crosses Rs 75 per litre in Delhi, highest since Sep 2013

Diesel prices were hiked by 21 paise per litre in Delhi and Kolkata, 22 paise per litre in Mumbai and 23 paise per litre in Chennai.

The price of petrol went up from Rs 79.13 a litre on May 14 to Rs 79.45 a litre on May 16 while that of diesel, went up from Rs 71.80 on May 14 to Rs 72.

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.

Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities.

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.

According to reports, diesel is at its most expensive Delhi has ever seen, while petrol prices are the highest since September 2013.

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Brent crude touched an intra-day peak of $79.47 a barrel its highest since November 2014. Moreover, the rupee is also down more than 6% against the U.S. dollar so far this year.

However, before the Karnataka polls, fuel prices remained unchanged for 19 days.

The benchmark worldwide diesel rates during this period have climbed from $84.68 per barrel to $88.63. 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 to elect a new government on Saturday. Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers.

Analysts estimate the three OMCs - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - took a combined hit of over Rs 1,500-1,700 crore since the start of April, when the prices marginally higher despite a steep rise in worldwide oil prices.

The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).


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