Petrol and diesel prices reach an all-time high in India as state-owned Oil PSUs raise prices by almost a rupee to the litre since May 14th.
After the 19-day hiatus to the daily revision of petrol and diesel prices owing to the Karnataka state elections, petrol and diesel prices have gone up by nearly a rupee since the 14th of May to reach new record heights. Petrol now retails at Rs. 76.24 a litre in New Delhi. This has breached the previous highest petrol price in the Capital which was recorded at Rs. 76.06 per litre, back in September 2013. The current highest price of petrol is at Rs. 84.07 a litre in Mumbai.
And after the seventh straight day of hike in fuel price in India, diesel prices have soared to a record high as well. Diesel price per litre currently retails at Rs. 67.57 in New Delhi while Hyderabad has the highest price for diesel at the moment at Rs. 73.45 to the litre.
It is worth noting that the BJP-led government has raised excise duty nine times from November 2014 to January 2016 (totalling a hike of Rs. 11.77 per litre on petrol and Rs. 13.47 per litre on diesel within the time frame), with just one instance of a price cut in oil prices during October of 2016.
International prices for petrol went up from $78.84 per barrel on April 24th to $84.97 per barrel on May 14th. During the aforementioned mentioned time span, international diesel prices went up from $84.68 per barrel to $90.28 per barrel.