Pocket pinch: Fuel prices hiked again across India within 19 days

Petrol prices in the UK increase

GETTYFuel tanks in petrol and diesel cars will cost almost £10 more to fill

Prices of petrol and diesel were on Wednesday hiked again for the third consecutive day, as petrol price cross Rs 75 in the national capital while diesel was retailing at Rs 66.57.

With the daily price revision of automotive fuels restarting on Monday after a 19-day hiatus due to Karnataka polls, petrol prices reached almost five-year high while diesel prices hit a new all-time high in Delhi.

Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities. On the other hand, diesel was retailing at Rs 66.57 in Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai, Rs 70.25 in Chennai and Rs 67.71 in Bengaluru. After a relief of 19 days, fuel prices have again started moving up in line with worldwide crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24.

Oil prices for June delivery was trading lower by a similar margin at Rs 4,846 per barrel with a business volume of 266 lots. The companies need to catch up on market prices as 19-day price freeze has created a wider gap.

GETTYFuel prices have hit their highest level since August 2016 claim
GETTYFuel prices have hit their highest level since August 2016 claim

The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections.

Oil PSUs kept retail prices unchanged for almost three weeks before Karnataka elections in spite of the surge in global fuel prices and Rupee's depreciation.

It may be noted that the gradual increase in prices of diesel and petrol were resumed after polling in Karnataka. Adding to the woes, the government has also denied reducing excise duty prices, thus taking a bigger hit on the public.

The rise in worldwide fuel prices is not the only reason for domestic retail prices touching record highs. The prices, that are expected to fluctuate every day since the Government brought in place dynamic pricing system for petrol and diesel, there was a lull for about 18 days. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices. More taxes on petrol and diesel, more burden on the consumer.

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