Continuous hike in Petrol, diesel prices

New Delhi, May 18: In a shocking news, Petrol and diesel prices were increased by 28-31 paise per litre across Delhi, Kolkata, Mumbai and Chennai on Friday.

Petrol and diesel prices are currently revised on a daily basis. The new rates are passed on to fuel stations at 6 am every day.

Prior to the five consecutive hikes, petrol and diesel prices were not raised for about three weeks before Karnataka elections.

Because of this, oil marketing companies (OMCs) now need to raise petrol prices by Rs. 4.6 per liter, or 6.2 percent, and diesel rates by Rs. 3.8 per liter, or 5.8 percent, according to brokerage Kotak Institutional Equities.

Since then petrol price has risen by 69 paise a liter, including a 22 paisa hike effected today that took rate in Delhi to Rs 75.32, the highest in almost five years. Diesel prices have gone up by 86 paisa a liter, including 22 paisa increase today that took the rate to their highest ever of Rs 66.79 a liter in Delhi.

The increase is based on assumption that global price of diesel and petrol and Rupee-US Dollar exchange rate remain stable hereon.