Karnataka polls over, petrol, diesel prices rise after 19 day freeze

Fuel prices hiked after 19 days as Karnataka elections get over

With the rising prices due to the rising prices of crude oil, in view of the rising prices and in Karnataka elections, the government oil marketing companies kept petrol and diesel prices unchanged for 20 days. Karnataka voted on Saturday for a new assembly and the results will be announced tomorrow. An update by Indian Oil Corporation said that the price of petrol went up by 18 paise in Kolkata and Chennai, while diesel prices have been raised by 21 paise a litre in Delhi, 5 paise in Kolkata, and 23 paise in Mumbai and Chennai. With this, diesel prices are now at a record high while petrol is at a 56-month peak. Petrol prices also rose to Rs74.80 per litre on Monday, the highest since they were raised to Rs76.06 per litre on 14 September 2013.

After the prices of petrol and diesel remained stable for the last almost 19 days it has been increased on Monday.

With today's hike, customers have again shown signs of worry as there may be more increases considering the rising rates of global crude oil prices.

"Around a million barrels of oil a day is likely to disappear from global oil markets if the USA sanctions on Iran bite", said Greg McKenna, chief market strategist at futures brokerage AxiTrader in the report. 01- 0. 03 every day in the first fortnight of December 2017 before Gujarat went to polls. We can expect further price hikes in the coming days. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.


Government faced strong criticism for holding on to higher duty on petrol and diesel to meet revenue.

Under the dynamic pricing scheme, petrol and diesel prices are revised on a daily basis in sync with global crude oil prices. Oil companies in India have the mandate to carry out daily revisions in the prices of petrol and diesel.

The price of petrol has gone up by $2.9 per barrel, and that of diesel by $2.64 per barrel in the global market in the same time period.

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