Petrol, Diesel prices hiked 48 hours after Karnataka Elections 2018

Petrol and diesel prices were raised on Monday after an unofficial 19-day freeze that mysteriously melted no sooner than the Karnataka polls had ended.

Karnataka voted on Saturday for a new assembly and the results will be announced on Tuesday. According to reports, these oil firms have believed to have encountered a loss of Rs 500 crore as they absorbed the higher global rates in the run-up to polling activity in Karnataka Assembly Elections.

Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 77.50 per litre up by 17 paisa compared to previous day price of Rs 77.32 per litre.

Indian state fuel retailers raised diesel and petrol prices on Monday to their highest in almost five years, data from the country's biggest fuel retailer shows. More taxes on petrol and diesel, more burden on the consumer.

With this, diesel prices have touched a record high while petrol reached a 56-month peak.

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PSU oil firms on Monday began passing on the spike witnessed in worldwide rates to consumers. Before this, Companies did not increase the prices of petrol and diesel since April 24. Benchmark worldwide rate for petrol during this time went up from $ 78.84 per barrel to $ 82.98, while diesel rates during this period have climbed from $ 84.68 per barrel to $ 88.63.

Interestingly, Brent crude oil prices increased by about $3 (Rs 200) per barrel during the period when fuel prices in India remained unchanged. The rupee steadily weakening against the dollar only makes matters worse. On April 24, 2018, the price of petrol in Delhi was 74 rupees 63 paise per liter.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost.

OMC including Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL), decide the final retail petrol price by taking into consideration the worldwide crude basket, plus states' Value Added Tax (VAT) and the government's excise duty. "The government wants to control the price hike but there are too many things which control the hike in prices", said Anila Singh of the BJP on Mirror Now. With the United States reimposing sanctions on Iran, global oil prices are unlikely to come down any time soon.

A litre of Super petrol in Mombasa will cost Sh103.88, diesel Sh95.35 and Kerosene at Sh75.44.

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