As Karnataka election ends, petrol price nears 5-year high in Delhi

By: | Updated: May 14, 2018 2:41 PM

Just after Karnataka polls were concluded, oil marketing companies (OMCs) hiked petrol and diesel price in India today.

Oil at 0 a barrel? Not impossible, says this hedge fund manager; here's whyOn Monday, the petrol was selling in Delhi at Rs 74.80 per litre. (Image: Reuters)

As the dynamic pricing system for transport fuels resumes on Monday, a couple of days after Karnataka elections, petrol prices in Delhi shot up to near 5-year high at 74.80 per litre. The oil marketing companies (OMCs) hiked petrol and diesel price in India today. The recent hike comes after a gap of 19 days. The petrol price was hiked by 17 paise, and diesel by 23 paise for the first time since month of April 24 this year. The petrol price today was recorded in Delhi at a fresh high in four years and eight months. In a new all-time high, the  diesel price today scaled Rs 66-mark for the first time. According to the Indian Oil Corporation (IOC) website, petrol price in India today saw a rise of 17 paise per litre in Delhi, 18 paise per litre in Kolkata, 17 paise per litre in Mumbai and 18 paise per litre in Chennai. Diesel prices were hiked by 21 paise per litre in Delhi, 5 paise per litre in Kolkata, 23 paise per litre in Mumbai and 23 paise per litre in Chennai, according to the company website.

On Monday, the petrol was selling at Rs 74.80 per litre in Delhi, Rs 77.50 per litre in Kolkata, Rs 82.65 per litre in Mumbai and Rs 77.61 per litre in Chennai. Diesel prices were at Rs 66.14 per litre, Rs. 68.68 per litre, Rs 70.43 per litre and Rs 69.79 per litre respectively, according to the Indian Oil website.

The Karnataka assembly elections took place on May 12.

The crude prices globally are near 2014 highs and have risen substantially over the last few months. Up till now, petrol price in India were hiked by Rs 4.83 per litre in Delhi, Rs 4.78 per litre in Kolkata, Rs 4.78 per litre in Mumbai and Rs 5.08 per litre in Chennai. Diesel prices were increased by Rs 6.5 per litre, Rs 6.38 per litre, Rs 7.16 per litre and Rs 6.96 per litre respectively.

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