According to reports, diesel is at its most expensive Delhi has ever seen, while petrol prices are the highest since September 2013. After the revision, a litre of petrol was priced at Rs 74.8 in Delhi, while diesel cost Rs 66.14.
Petrol now costs Rs 75.10 in Delhi a litre, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai, Rs 77.93 in Chennai, Rs 76.31 in Bengaluru, and Rs 79.55 in Hyderabad.
Petrol prices were hiked by 17 paise a litre and diesel by 21 paise on Monday after a 19-day gap.
This spiral in prices of transport fuels comes amid continuous gains in crude oil prices globally. "The daily increase would have to be higher than normal to reach the true market reflective prices for these two products", said a source in an oil marketing company, asking not to be named. "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. The petrol and diesel prices in city had remained stable for 20 days till May 14.
The benchmark worldwide diesel rates during this period have climbed from $84.68 per barrel to $88.63.
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.
Analysts estimate the three OMCs - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - took a combined hit of over Rs 1,500-1,700 crore since the start of April, when the prices marginally higher despite a steep rise in global oil prices.