Published: Thu, May 17, 2018
Medical | By Marta Holmes

Fuel prices up 2 days in row after K'taka polls

Fuel prices up 2 days in row after K'taka polls

Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.57 up by 21 paisa compared to previous price of Rs 65.36 per litre.

Petrol and diesel prices were hiked by 15 paise per litre in Delhi and Mumbai, 14 paise per litre in Kolkata and 16 paise per litre in Chennai.

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A litre of diesel on the other hand will cost citizens in Delhi Rs 66.57, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai, Rs 70.25 in Chennai, Rs 67.71 in Bengaluru and Rs 72.36 in Hyderabad.

The price has been hiked as per the revised rates sent by the Indian Oil Corporation today. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak. With the U.S. reimposing sanctions on Iran, global oil prices are unlikely to come down any time soon.

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According to Anoop Bhatia, VP & Sector Head (Corporate Ratings) at rating agency ICRA said "It would take at least around two weeks of modest price hike by the OMCs for aligning retail fuel prices with the worldwide level, even if crude oil prices do not increase from the current level".

The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.62, making imports costlier.

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Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in global oil price.

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