Petrol crosses Rs 75 per litre in Delhi, highest since Sep 2013

Phillip Cunningham
May 17, 2018

Petrol price in the national capital touched Rs 74.95 per litre on Tuesday, a fresh high, since it hit Rs 76.06 a litre in September 2013.

The retail price of petrol and diesel increased by 17 paise and 21 paise, respectively, on Monday as well.

In Calcutta, petrol will cost Rs 77.50, up from Rs 77.32, a litre and diesel Rs 66.68, compared with Rs 66.63 earlier.

The daily increase in petrol and diesel prices is expected to continue for some more time as global oil prices are on boil with benchmark Brent crude price settling a new four-year high of $78.94 a barrel on Tuesday. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai.

G Vinay Kumar, General Secretary of Telangana Petroleum Dealers Association said petrol and diesel prices would keep increasing by 20-30 paise every day until both the Centre and State reduce the taxes. Since September 2013, petrol prices are at their highest level and diesel prices are also at their all-time high in Delhi.

The benchmark worldwide diesel rates during this period have climbed from $84.68 per barrel to $88.63.

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. Moreover, the rupee is also down more than 6% against the U.S. dollar so far this year.

"The increase in petrol and diesel prices is on account of price movement of the products in the worldwide market".

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

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