Petrol and diesel prices were hiked by 15 paise per litre in Delhi and Mumbai, 14 paise per litre in Kolkata and 16 paise per litre in Chennai. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak. Within two days, petrol would cross Rs 80 a litre and diesel would reach Rs 74 a litre, Kumar said. Fuel prices were last hiked 19 days ago, and the substantial hike is likely to pinch commuters across the country.
According to reports, diesel is at its most expensive Delhi has ever seen, while petrol prices are the highest since September 2013.
This despite benchmark worldwide rate for petrol going up from $78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to $82.98 now, according to sources privy to fuel pricing methodology. It was sold at Rs 66.36, Rs 68.90, Rs 70.66 and Rs 70.02 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.
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.
There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and USA sanctions against Iran, which is a major crude oil export country. The brent crude oil is now priced around $78 per barrel.
"The increase in petrol and diesel prices is on account of price movement of the products in the global market".