June's petrol price could rocket past R15 a litre

The Rs4 per litre petrol hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon

Retail price of petrol in the national capital was increased by 15 paise on Tuesday to Rs 74.95 per litre, the highest price since September 2013 and diesel prices were increased by 22 paise to Rs 66.36 per litre, the highest recorded level.

An Economic Times analysis of the price build-up at Bharat Petroleum's (BPCL) Delhi filling station shows the Cost and Freight prices of petrol and diesel have increased by $2.9 per barrel and $2.64 per barrel, respectively, between April 25 and May 10 when the freeze on prices was lifted. But prices were frozen thereafter. The prices will slightly vary in bunks operated by different oil marketing firms.It has increased by 23 paise per litre when compared to Sunday's prices.

This is the second consecutive day when prices have been hiked by the oil companies, signalling resumption of the daily price revision mechanism after a 19-day hiatus that resulted in Rs 400 crore loss for these entities.

The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October a year ago by Rs 2 a litre.

The rise in worldwide oil prices will hit a sore spot for South African motorists as yet another substantial fuel price hike is on the cards for the end of May. An analysis of historical fuel price changes by Indian Oil (IOC) shows the company had kept the prices static between 16 January 2017 and 1 April 2017, when the company followed fortnightly revision of fuel prices.

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Though retail petrol and diesel prices in India follow global movement of product prices, any developments on crude oil front also impacts product pricing.

Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities.

This means that the country started the month of May with a fuel price deficit.

Rising crude oil, coupled with Indian government ruling out excise duty cuts and various states' being reluctant in reducing the Value-Added Tax on fuel prices, has left limited room for OMC to make any relaxation in the price of the product, especially diesel, which is now at a record high. Diesel price has also hit its all time high since abolition of LBT here.

The price of fuel is expected to skyrocket past R15 per litre.

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