Petrol diesel rates hit 55-month high as global crude price rises
Chidambaram pointed out the current petrol and diesel prices are higher than the fuel prices in May 2014 despite crude being cheaper than what it was then. Yesterday, the price of petrol in Delhi rose to Rs 74.07 per litre while that of diesel went up to Rs 66.27 per litre.
Today's petrol price in Kolkata was Rs 76.78, in Mumbai Rs 81.93 and in Chennai Rs 76.85. Diesel price at Rs 65.31 is the highest ever.
From June 2017, the oil companies made a decision to hike prices of petrol and diesel on a daily basis as opposed to the 1st and 16th day of every month.
As fuel prices touched a five-year high, former Finance Minister P Chidambaram on Friday asked the government why prices of petrol and diesel were higher than in May, 2014 when the global oil prices were higher than they are now. The lowest price was Rs 79.50 on March 1, 2018.
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In 2018, the petrol prices have sore up by Rs 4 per litre and the diesel price has gone up by Rs 5-6 per litre. Though it is selling at different prices in different cities, Mumbai registered the highest rate.
Analysts are concerned that the government might ask oil companies to subsidise petrol and diesel consumers although officials have denied any plan to interfere in fuel pricing. Today's petrol price in Delhi was Rs 74.08 per litre, highest in last four years.
Under the scheme, the price of fuel is revised daily on the basis of the global price of crude oil and the rupee/dollar exchange rate. It was in June 2017 that state owned oil companies chose to do away with 15 year old practice of revising fuel rates on 1st and 16th of each month and instead adopt a daily price revision system.
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