The petrol and diesel prices have again started rallying on the back of rising crude oil prices. Petrol and diesel prices were hiked after 19-days on Monday, as PSU oil firms began passing on the hike to consumers in line with the rise in international rates. Though fuel prices are revised daily, it stopped happening since April 25.
According to Indian Oil Corporation’s official website, on Tuesday the petrol rates are at Rs 74.95 per litre in Delhi, Rs 77.65 per litre in Kolkata, Rs 82.79 per litre in Mumbai and Rs 77.77 per litre in Chennai.
Similarly, diesel prices are at Rs 66.36 per litre in Delhi, Rs 68.9 per litre in Kolkata, Rs 70.66 per litre in Mumbai and Rs 70.02 per litre in Chennai.
Though fuel prices are revised daily, it stopped happening since April 25. IOC Chairman Sanjiv Singh told to IANS on May 8 that the dynamic pricing was suspended temporarily despite a rise in international rates, to avoid panic among consumers.
Karnataka elections were held on Saturday and the final results will be out by late afternoon today.
P Chidambaram, Congress leader, tweeted on Monday that the recent “interval” was in the wake of Karnataka elections.
Chidambaram tweeted.”There we go again. More taxes on petrol and diesel, more burden on the consumer. The Karnataka election was only an interval,”
“We have decided to temporarily moderate retail prices by not passing on the required increase as we believe the current international oil product prices are not supported by fundamentals. So we have decided to wait for a while,” Singh had told IANS, adding: “Passing them on to consumers will unnecessarily create panic.”
According to estimates, since the start of April- Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd- have suffered the total loss of around Rs 1,500-1,700 crore with rising international crude oil prices.