Petrol, diesel prices touch new high in two days

May 17, 2018, 00:58
Petrol, diesel prices touch new high in two days

Diesel prices are now Rs66.57 in New Delhi, Rs69.11 in Kolkata, Rs70.88 in Mumbai and Rs70.25 in Chennai today.

Petrol and diesel in Hyderabad on Monday became dearer by 19 paise and 26 paise respectively per litre.

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This despite benchmark global rate for petrol going up from $78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to $82.98 now, according to sources privy to fuel pricing methodology.

Speaking to THT Online, NOC spokesperson Birendra Goit said, "NOC has increased Rs 2 per litre in petrol, diesel, kerosene each within 15-kilometre distance in Kathmandu Valley from its depot". Since September 2013, petrol prices are at their highest level and diesel prices are also at their all-time high in Delhi. According to experts the three oil marketing companies - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd- together suffered losses of around Rs 1,500-1,700 crore due to the steep rise in prices. Brent crude futures were trading at $78.17 per barrel on Wednesday. "The recent trend of consistent depreciation in Indian rupee against U.S. dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia. Although the rupee recovered a little on Wednesday, it is still not far from 68 against the dollar. The petrol and diesel prices in city had remained stable for 20 days till May 14.

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Abhishek Bansal, Chairman, ABans Group, a commodity trading company, said that oil is the most basic commodity and any gradual effect of rising prices may have adverse effect on many other commodities and industries. The oil companies' decision to change the prices came after the polling on May 12 in that State.

IOC Chairman Sanjiv Singh earlier told to IANS that the dynamic pricing was suspended temporarily despite a rise in worldwide rates to avoid panic among consumers.

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