In the fourth straight hike, state-run oil marketing companies hiked petrol and diesel prices by 22-24 paise per litre across Delhi, Kolkata, Mumbai and Chennai. The petrol prices are just one percent away from recording an all-time high in Delhi at Rs 76.06 per litre that was recorded in September 2013. Diesel is also selling at a new all-time high in Delhi on Thursday. Petrol prices were recorded at Rs 75.32 per litre in Delhi, Rs 78.01 per litre in Kolkata, Rs 83.16 per litre in Mumbai and Rs 78.16 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 66.79 per litre in Delhi, Rs 69.33 per litre in Kolkata, Rs 71.12 per litre in Mumbai and Rs 70.49 per litre in Chennai on Thursday.
For the 19-days from this Monday, oil marketing companies have been increasing prices of fuel for the last four days. The prices of diesel have been raised by 70-93 paise per litre. The international crude oil prices are still hovering near 2014 highs. The rupee is plummeting and is 6 percent down against the US dollar so far this year.
After Karnataka elections came to an end, it’s the fourth hike in a row. It was on Monday that the first hike in petrol, diesel rates was observed. In April, Union Petroleum Minister Dharmendra Pradhan said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax.
After retreating from multi-year highs that was touched on Tuesday, the prices of global crude settled down a bit The prices of crude oil were supported on the concerns that the sanctions by the US on Iran are most probably to limit exports of crude from one of the biggest producers in the Middle East. Brent crude oil had touched an intraday peak of $79.47 a barrel its highest since November 2014.