Petrol, diesel prices start buzzing soon after Karnataka elections

Petrol And Diesel Prices Hiked Again — Petrol Price In Mumbai Stands At Rs 83.16 Per Litre

Diesel prices in Delhi have accordingly moved upwards at Rs 66.57 per litre and Rs 70.88 per litre in Mumbai.

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.

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 price in Kolkata: Diesel price here was valued at Rs 69.11 per litre higher by 21 paisa as against previous price of Rs 68.90 per litre. The deferred loss from last month will now be included in their month's fuel price hike adjustment.

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.

Petrol And Diesel Prices Hiked Again — Petrol Price In Mumbai Stands At Rs 83.16 Per Litre

Petrol prices were hiked by 17 paise a litre and diesel by 21 paise on Monday after a 19-day gap. But prices were frozen thereafter.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October past year by Rs 2 a litre.

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. Diesel price has also hit its all time high since abolition of LBT here. Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices. "As the crude oil prices were constantly moving up, its impact on diesel and petrol prices should have been reflected in the country". "Most of us have lost sizable business because of high diesel cost".

According to the price build-up data for fuels provided by International Olympic Committee, 42 per cent of the total diesel price charged to consumers comprises taxes while the tax component stands at 52 per cent for petrol.

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