Petrol, diesel, Kerosene dearer by Rs 2 per litre

Post-poll trick on fuel fools

Post-poll trick on fuel fools

At HPCL pumps, the price of a litre of petrol is now Rs. 79.27, while for diesel it is Rs. 71.93.

Diesel price in Chennai: Like Mumbai, similar hike was also made in Chennai.

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.

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Petrol now costs Rs 75.10 in Delhi a litre, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai, Rs 77.93 in Chennai, Rs 76.31 in Bengaluru, and Rs 79.55 in Hyderabad.

Congress president Rahul Gandhi tweeted: "Karnataka finishes voting, FUEL prices rise to a four-year high!" With crude touching $79.47 a barrel, and the rupee down more than 6 per cent to nearly 68 against the dollar, fuel prices were bound to be affected. Moreover, the rupee is also down more than 6% against the USA dollar so far this year. The petrol and diesel prices in city had remained stable for 20 days till May 14.

The new prices took effect at 6 a.m. on Monday.

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Oil PSUs have refused to acknowledge if the freeze followed a government diktat so as to help the ruling BJP with the polls in Karnataka, where it has been vying to come to power.

"The OMCs which sustained all the losses due to it, will now certainly try to recover their losses by increasing the oil prices" said Madan Sabnavis, Chief Economist at CARE Ratings.

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.

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