Petrol Price Hiked After 19 Day Pre-Karnataka Poll Hiatus

Petrol diesel prices hiked after 19 days as Karnataka elections get over

Petrol diesel prices hiked after 19 days as Karnataka elections get over

With the rising prices due to the rising prices of crude oil, in view of the rising prices and in Karnataka elections, the government oil marketing companies kept petrol and diesel prices unchanged for 20 days.

This comes in the backdrop of voting for Karnataka assembly elections getting over on Saturday.

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. State-run oil companies said that the price revision was necessary because of increasing global oil rates, PTI reported.

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Meanwhile, worldwide crude Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in USA drilling activity pointed to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran.

Petrol and diesel prices were last revised on April 24 when they were hiked by Rs 0.

Oil Minister Dharmendra Pradhan had last month denied reports of a directive to state oil firms to absorb at least Re 1 a litre hike by not raising prices in line with cost.

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Since June past year, Oil PSUs in India launched the protocol of regulation of auto fuel prices on a daily basis as compared to the fortnightly adjustment in prices which was followed earlier.

Though the quantum of is still to be worked out, sources said it could be graded with Rs 2 per litre cut on petrol and diesel to be considered at first. The rupee has fallen to 67.23 per USA dollar, which is at its lowest since February 8, 2017. More taxes on petrol and diesel, more burden on the consumer.

Finance secretary Hasmukh Adhia and economic affairs secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in global oil price. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56. The rise in crude oil prices will increase the liability as the rupee has also started depreciating against the dollar.

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