Global crude oil prices are rising, and so do the petrol and diesel prices in India. After a relief of 19 days, fuel prices have again started moving up in line with international crude oil prices, as oil marketing companies have decided to pass on the burden to consumers after a freeze of 19 days, which started from April 24. According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai. Diesel prices in Delhi have accordingly moved upwards at Rs 66.57 per litre and Rs 70.88 per litre in Mumbai. Also Read - Fuel Price Hike: PM Modi Seeks Cooperation of Oil Producing Nations, Pitches For Partnership Between Producers And Consumers
Similarly, petrol prices are at Rs 77.79 per litre in Kolkata and Rs 77.93 per litre in Chennai. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai. Also Read - Fuel Price Hike Continues After Centre's Excise Duty Cut; Petrol Breaches Rs 82-mark in Delhi, at Rs 87.50 in Mumbai
IOC Chairman Sanjiv Singh earlier told to IANS that the dynamic pricing was suspended temporarily despite a rise in international rates to avoid panic among consumers. Also Read - Fuel Price Cut: BJP-ruled States Follow Centre to Bring Petrol, Diesel Prices Down by Rs 5; Congress Ridicules 'Meagre' Reduction
Oil marketing companies were under pressure to pass on the impact of an increase in crude oil process due to their mounting losses. According to experts the three oil marketing companies – Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd- together suffered losses of around Rs 1,500-1,700 crore due to the steep rise in prices.
The Congress leader P Chidambaram tweeted on Monday that the recent “interval” has coincided with 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,”
There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and US sanctions against Iran, which is a major crude oil export country. Brent crude futures were trading at $78.17 per barrel on Wednesday.