Petrol And Diesel Prices Hiked

By Saroni Chakravarti | May 15, 2018

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.

Petrol And Diesel Prices Hiked

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:

Metros Prices
Delhi 74.80
Kolkata 77.50
Mumbai 82.65
Chennai 77.61

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Saroni Chakravarti

About Saroni Chakravarti

Saroni loves all things quaint and old world- be it art, music or cinema. She has a special knack for spotting the weirdest traits in people and can't for the life of her understand why she attracts the worst co-passengers. Despite her cynical exterior, she still hopes for a world that will be free from discrimination and cruelty. When she's not spending her day commuting, she can be found watching funny videos, reading, and sending out needy vibes to strays around her.

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