Petrol, Diesel Prices Continue to Rise After 19-Day Freeze

India's petrol diesel prices rise on May 15 after 19-day freeze by OMCs

Petrol and diesel prices were hiked by 15 paise per litre in Delhi and Mumbai, 14 paise per litre in Kolkata and 16 paise per litre in Chennai. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai. "Now that the Karnataka elections are over the oil companies will hike up the retail fuel rates to catch up on those losses", said Prashant Reddy, a city-based petrol pump owner.

In the finance capital Mumbai, the petrol costs Rs 83.16/litre. This is the highest petrol price since September 2013 when the petrol price rose to Rs 76.06/litre.

A large petrol price increase is expected at the end of this month, going into June.

Amanda Stretton, motoring editor at Confused.com, says: "Fuel prices are at their most expensive in nearly two years and drivers are feeling the pinch".

The fuel prices in Kolkata has also gone up.

More news: Resource Officer Hailed as Hero for Stopping Gunman at High School

It was bolstered by signs that major oil producers are still committed to reducing supply and rising spectre of United States sanctions against Iran. The situation is no different in other parts of the country.

"The increase in petrol and diesel prices is on account of price movement of the products in the global market".

The oil companies set the prices of petrol and diesel depending upon the price of crude oil in the global market.

Elevated oil price would give a big blow to inflation which could in turn compel the Reserve Bank of India (RBI) to opt for a rate hike. In the past, marketing margins have turned negative in the run-up to state elections in 2015 and 2017, though crude prices then had not risen much as compared to the current surge.

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