Petrol and diesel prices have been raised for the ninth straight day across the country, just days after the government promised a solution. These nine hikes come after a 19-day hiatus when prices were kept unchanged for the May 12 Karnataka election. Petrol prices have been increased by Rs. 2.24 a litre in Delhi, Rs. 2.21 in Kolkata, Rs. 2.22 in Mumbai and Rs. 2.36 a litre in Chennai over the past nine days, data from Indian Oil Corporation shows. Diesel prices have been raised by Rs. 2.15 a litre, Rs. 2, Rs. 2.28 and Rs. 2.31 in the four cities.
On Tuesday, petrol prices were hiked in the range of 29-32 paise per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices were lifted by 26-28 paise per litre, compared to the previous day.
With effect from 6 am, Tuesday, a litre of petrol was sold at Rs. 76.87 in Delhi, Rs. 79.53 in Kolkata, Rs. 84.7 in Mumbai and Rs. 79.79 in Chennai, according to Indian Oil. Diesel was sold at Rs. 68.08 per litre in Delhi, Rs. 70.63 per litre in Kolkata, Rs. 72.48 per litre in Mumbai and Rs. 71.87 per litre in Chennai. So far this year, petrol prices have shot up in the range of Rs. 6.81-7.26 per litre across the four metros, while the increase in diesel prices has been in the tune of Rs. 8.33-9.21 per litre in the wake of rising global crude prices.
Soaring crude oil prices in the past few months, coupled with weakness in the rupee against the US dollar, has led to petrol and diesel prices hitting all-time highs in Delhi and Mumbai.
Oil Minister Dharmendra Pradhan said on Monday that the government was looking at ways to keep rising fuel prices in check. “Various alternatives are being looked at,” Mr Pradhan said, adding that he would “work out something soon”, news agency Reuters reported.
Ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) pushed crude oil prices to their highest level since late-2014. Brent has broken through $80 per barrel for the first time since November 2014. Also, the rupee has weakened nearly 6 per cent per dollar so far this year. (With agency inputs)
