Fuel prices reach record highs, diesel prices highest in 56 weeks

Fuel prices hiked after 19 days as Karnataka elections get over

Fuel prices hiked after 19 days as Karnataka elections get over

Petrol price in India today: HPCL, BPCL, IOC share prices gained up to 4 per cent as the oil marketing companies hiked petrol and diesel prices for the first time since April 24 after the conclusion of the Karnataka election voting. Despite input cost spiking, the Oil PSUs had kept the rates unchanged for almost three weeks.

"The changes in this month's prices have been as a effect of the average landed cost of super petrol, which increased by 1.18 per cent, (with) diesel increasing by 2.91 per cent and kerosene rising by 3.06 per cent", said ERC director-general Pavel Oimeke in a statement.

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 global crude oil prices. Petrol prices, too, hit a 56-month high of 74 rupees 80 paise per litre.

The energy regulator has signalled more pain at the pump as it announced that petrol, mostly consumed by private cars, is up by Sh0.34 a litre to Sh107.17 in Nairobi in its latest review.

More news: Lost asteroid to fly between moon and Earth tonight
More news: Johnson off to strong start at Players
More news: United States will help China's ZTE 'get back into business'

The rally of global oil prices on one hand, and the freeze on retail petrol and diesel prices on the other, has cut the average margins of oil marketing companies (OMCs) by about Rs 2 to Rs 3 per litre since April 2018. The rupee steadily weakening against the dollar only makes matters worse.

In the last few days, if you look at petrol prices for nearly 20 days, they were nearly unchanged across the country. Before stabilising the prices, it was increasing 25-35 paise every day.

Now that Karnataka election is out of the way, OMCs might go for a sharp increase in petrol, diesel prices to make up for the losses incurred since April 24. It is worth mentioning since June 16, 2017, prices of petrol and diesel are being revised daily. Earlier, government oil companies used to review oil prices twice a month.

Reacting to the price hike, former finance minister P. Chidambaram tweeted: "There we go again". In Kolkata, petrol will now cost Rs 77.50 a litre from Rs 77.32 a litre and in Chennai it will cost Rs 77.61 a litre from Rs 77.43 a litre.

Recommended News

  • It's not easy to say goodbye, says Wenger

    It's not easy to say goodbye, says Wenger

    Arsenal manager Arsene Wenger on his protracted farewell: "I enjoyed some aspects of it, yes - and not all". If he decides to move because he has this option I will not say: "You don't have to go".
    65000 texts later, woman accused of stalking

    65000 texts later, woman accused of stalking

    One of the messages said she would murder him if he ever tried to leave her. "Everybody has to love each other". She was arrested Tuesday after police say she tried to break into the man's home . " I'll kill you.
    Aishwarya makes first appearance on Cannes 2018 red carpet

    Aishwarya makes first appearance on Cannes 2018 red carpet

    With just two diamond dots on her ears and hair tied in a sleek samurai style top-knot, Aishwarya looked like a million bucks. Before she walked the red carpet today, we saw Aishwarya in a colourful Manish Arora ensemble for her press interactions.
  • Arizona softball to host regional

    Arizona softball to host regional

    Joining Florida (50-8) in the Gainesville Regional will be Ohio State (34-14), South Florida (38-21) and Bethune-Cookman (31-24). In the other matchup in the regional, Liberty (47-12) faces Hofstra (40-12) at 5 p.m.
    Macbook users sue Apple

    Macbook users sue Apple

    While Apple never acknowledged the flaw in public, it did encourage users to clean their keyboards with a can of compressed air . However, that MacBook Pro is limited to the non-touch-bar version and only those produced between October 2016 and October 2017.
    American Idol 2018 Recap: Top 3 Contestants Revealed

    American Idol 2018 Recap: Top 3 Contestants Revealed

    Her power worked the crowd, and the judges, just enough for Luke Bryan to even claim Barrett as "Carrie Underwood reincarnated". The ABC singing competition will be in the Steel City on May 15 to film a hometown celebration for finalist Gabby Barrett .
  • Delhi witnesses trees uprooted, slower traffic amid huge thunderstorm-rain

    Delhi witnesses trees uprooted, slower traffic amid huge thunderstorm-rain

    Another two people were killed and 18 were injured in the Indian capital, New Delhi , the Press Trust of India news agency said. The dust storm interrupted a programme that Delhi Chief Minister Arvind Kejriwal was to attend at IP Extension.
    Philippine Supreme Court justices oust chief justice

    Philippine Supreme Court justices oust chief justice

    Appointed at age 52, she was supposed to stay in the Supreme Court as chief magistrate for 18 years but lasted less than 6 years. The House still had to vote in the plenary, but made a decision to wait out the results of the Supreme Court vote.
    Mercedes Made Right Call For

    Mercedes Made Right Call For "Perfect Result" - Valtteri Bottas

    New Zealand's Brendon Hartley did not take part in qualifying for Toro Rosso after crashing heavily in final practise. Running third, Sebastian Vettel would be the first to make the switch when he pitted on lap 18.
  • The Italian national team on football has announced a new head coach

    The Italian national team on football has announced a new head coach

    It will be a first role in worldwide management for Mancini, who once handled English Premier League club, Manchester City . He then moved to Lazio but had his biggest success at Inter Milan where he won three successive Serie A titles.
    Antonio Conte: I 'wasn't able to convey that determination' to Chelsea players

    Antonio Conte: I 'wasn't able to convey that determination' to Chelsea players

    Newcastle boss Rafael Benitez has challenged his players to end the season with the victory over Chelsea he believes they deserve. Chelsea midfielder Tiemoue Bakayoko would be "disappointed" to see head coach Antonio Conte leave the club this summer.
    Theresa May promises to 'deliver the Brexit people voted for'

    Theresa May promises to 'deliver the Brexit people voted for'

    The UK would collect tariffs set by the EU customs union on goods coming into the UK on behalf of the EU. May said she wanted to restate her case "amid all the noisy debate and technical discussions".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.