State-owned oil companies hiked petrol and diesel prices yesterday. Despite a surge in input costs, the oil PSUs had kept rates unchanged for the past 20 days. Here’s all you need to know.
State-run oil PSUs hiked petrol and diesel rates by 17 paise a litre and 21 paise a litre respectively yesterday. Despite input costs surging, state-run oil PSUs had kept petrol and diesel rates unchanged for three weeks straight. This development came in right after the Karnataka polls hiatus.
With this development, diesel prices have touched an all-new high while petrol is at a 56-month peak.
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Why the hike?
Petrol and diesel prices witnessed a surge last on April 24 when they were hiked by 13 paise each. The prices were frozen thereafter. This, despite international rate for petrol going up from $78.84 per barrel, which was used to raise the price to Rs. 74.63 a litre on April 24, to $82.98 now.
State-owned oil companies are expected to have lost about Rs. 500 crore as they absorbed a higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar.
Additional Reading: Which Car Should You Buy-Petrol or Diesel?
What are the current prices?
Currently, petrol and diesel prices in the four metros on Monday were as follows as per the IOC (Indian Oil Corporation) website:
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