Published: Thu, May 17, 2018
Markets | By Noel Gibbs

Petrol, diesel, Kerosene dearer by Rs 2 per litre

Petrol, diesel, Kerosene dearer by Rs 2 per litre

Speaking to THT Online, NOC spokesperson Birendra Goit said, "NOC has increased Rs 2 per litre in petrol, diesel, kerosene each within 15-kilometre distance in Kathmandu Valley from its depot". Allegations are flying high that the fuel prices were "frozen" with the Karnataka elections in mind.

The price of fuel is expected to skyrocket past R15 per litre. In the last four days, petrol prices have gone up in the range of 69-73 paise per litre across Delhi, Kolkata, Mumbai and Chennai. In Bengaluru, petrol price is now at Rs 76.54 and in Hyderabad it is Rs 79.78.

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Diesel too has never been sold at such a price in Delhi before. In Chennai, the petrol is retailed at Rs 78.16/litre and a litre of diesel costs Rs 70.49.

Petrol price in Mumbai today: The price stood at Rs 83.16 perlitre above 22 paisa compared to the previous day price of Rs 82.94 per litre. "Now that the Karnataka elections are over the oil companies will hike up the retail fuel rates to catch up on those losses", said Prashant Reddy, a city-based petrol pump owner. To add to that, Brent crude oil has touched $79.47 a barrel, its highest since November 2014. State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in worldwide oil rates and fall in rupee against the U.S. dollar during this period.

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With the changes, petrol will cost Rs 110 per litre in Kathmandu Valley. The exchange rate of the Indian currency also plays a role in the price hike.

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