Published: Wed, May 16, 2018
Business | By Tara Barton

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

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

State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre.

Petrol and diesel prices across the country received a substantial hike, with the former set to cost Rs 75 per litre in the national capital with effect from 6:00 am on Wednesday. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.

The report also stated the marketing margins of OMCs has been severely impacted and reached a low of Rs 0.25 per litre because the retail prices were frozen since 24 April at a time when crude prices have gone up and the rupee depreciated against the dollar. After the revision, a litre of petrol was priced at Rs 74.8 in Delhi, while diesel cost Rs 66.14. Meanwhile, global crude price settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that USA sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East. An analysis of historical fuel price changes by Indian Oil (IOC) shows the company had kept the prices static between 16 January 2017 and 1 April 2017, when the company followed fortnightly revision of fuel prices. In Kolkata, the prices were increased by 14 paise per litre and 16 paise per litre in Chennai, according to Indian Oil Corporation website.

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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 U.S. sanctions against Iran, which is a major crude oil export country. Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices.

The price of fuel is expected to skyrocket past R15 per litre.

Rising crude oil, coupled with Indian government ruling out excise duty cuts and various states' being reluctant in reducing the Value-Added Tax on fuel prices, has left limited room for OMC to make any relaxation in the price of the product, especially diesel, which is now at a record high. "Most of us have lost sizable business because of high diesel cost".

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