Fuel prices revised; petrol, diesel to cost more

Petrol diesel price on 14th May 2018 Check out rates here city-wise

Companies like Indian Oil Corporation (IOC) have been told not to increase petrol and diesel prices since April 24 in the wake of Karnataka elections at high cost. It may be noted that the fresh revision comes after the prices were last hiked on April 24. Today in various state capital the petrol price was hiked between 17 paisa to 18 paisa per litre, especially in Mumbai, where the price has been near Rs 83 per litre. On the other hand, diesel was retailing at Rs 68.68 in Kolkata; Rs 70,43 in Mumbai; Rs 69.79 in Chennai and Rs 67.27 in Bengaluru.

The NDA government has been criticised for the significant and frequent hikes in the prices of petrol and diesel, with several politicians calling for fuel to be included under the Goods and Services Tax (GST) from which it is now exempt. It remains to be seen if the government takes action to resist an increase in oil prices or customers are left to deal with skyrocketing rates. State-run oil companies said that the price revision was necessary because of increasing worldwide oil rates, PTI reported.

Petrol and diesel prices were last revised on April 24 when they were hiked by Rs 0. The sanctions have been renewed on Iran at a time come when the supply is already down considering high demand and output restraint by the Organization of the Petroleum Exporting Countries (OPEC) for pushing petrol prices up.

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Last June, Indian oil companies had moved from a "once-in-a-fortnight" change of petrol and diesel prices to daily revisions. Also, the rupee has weakened to Rs 67 per United States dollar from Rs 66.

Since the start of this financial year, petrol prices have gone up by Rs 1.24-1.32 per litre across the metro cities.

Government faced strong criticism for holding on to higher duty on petrol and diesel to meet revenue. The rise in crude oil prices will increase the liability as the rupee has also started depreciating against the dollar.

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