NOC hikes prices of petro products

Pocket pinch: Fuel prices hiked again across India within 19 days

Crude shock: Daily price rise for petrol and diesel continues

Diesel prices touched Rs 68.9 in Kolkata (Rs 68.68 on Monday), Rs 70.66 in Mumbai (Rs 70.43) and Rs 70.02 in Chennai (Rs 69.79).

Petrol now costs Rs 75.10 in Delhi a litre, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai, Rs 77.93 in Chennai, Rs 76.31 in Bengaluru, and Rs 79.55 in Hyderabad.

The conclusion of Karnataka polls continues to bring crude shock for the common man with the price of petrol and diesel increasing by 15 paise and 22 paise, respectively, in Delhi. After a relief of 19 days, fuel prices have again started moving up in line with worldwide crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24.

Congress president Rahul Gandhi tweeted: "Karnataka finishes voting, FUEL prices rise to a four-year high! The daily increase would have to be higher than normal to reach the true market reflective prices for these two products", said a source in an oil marketing company, asking not to be named.

The benchmark global diesel rates during this period have climbed from $84.68 per barrel to $88.63. Moreover, the rupee is also down more than 6% against the U.S. dollar so far this year.

The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).

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 previous year by Rs 2 a litre.

Abhishek Bansal, Chairman, ABans Group, a commodity trading company, said that oil is the most basic commodity and any gradual effect of rising prices may have adverse effect on many other commodities and industries.

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