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Petrol, Diesel Prices Hiked After 19 Days

Petrol, Diesel Prices Hiked After 19 Days

Poor and rural households are the biggest losers in the monthly fuel price reviews after Kerosene prices were hiked by Sh1.50 by the Energy Regulatory Commission.

The energy regulator has signalled more pain at the pump as it announced that petrol, mostly consumed by private cars, is up by Sh0.34 a litre to Sh107.17 in Nairobi in its latest review. Opposition parties criticised the sudden increase in fuel prices after a gap of 19 days and alleged that the government is interfering with the working of the state-run oil marketing companies despite petrol and diesel prices being decontrolled.

Since India imports more than 80 percent of its crude oil requirement from the global market, the prices of petrol and diesel are directly proportional to worldwide crude oil prices. These prices remained intact till May 13, 2018.

Moreover, Brent crude futures were at $76.65 per barrel at 0415 GMT, down 47 cents, or 0.6 percent from their last close. In New Delhi, the petrol was retailing at Rs 74.95 per litre in Delhi, Rs 77.65 per litre in Kolkata, Rs 82.79 per litre in Mumbai and Rs 77.77 per litre in Chennai, according to Indian Oil Corporation's official website. We can expect further price hikes in the coming days. According to the International Olympic Committee website, now petrol in Delhi will be available at Rs 74.80 per litre.

After the revision, a litre of petrol in Delhi will cost Rs 74.80 while diesel will be available for Rs 66.14 a litre. With this, diesel prices touched an all-time high of 66 rupees 14 paise.

There could be far worse news in the offing. So prepare to toss your monthly budget out of the window. Also, the rupee has weakened to Rs 67 per United States dollar from Rs 66.62, making imports costlier.

Congress president Rahul Gandhi tweeted: "Karnataka finishes voting, FUEL prices rise to a four-year high!" A Dalal Street analyst said not hiking fuel prices ahead of state elections is a normal phenomenon. "Every Re 1 of marketing margin absorbed by the OMCs for a year may lead to a loss of Rs 110 billion for them", said a source close to the development. Since then, analysts say, value-buying is slowly pushing the stock up, since the April low was perceived as the nadir.

The big question is whether the government will intervene and cut excise duty to bring relief to the OMCs and consumers alike. But what he didn't tell was that why they have higher prices.

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