Diesel price hiked by 27p to 28p today; Pay over Rs 70 per litre in Kolkata, Mumbai rate may reach to Rs 72 per litre
Compared to petrol price on Sunday, the state-owned OMCs decided to hike diesel rates at much lower rate in various state capital of India. Diesel prices in India are at levels that have rarely been witnessed before, but since the start of 2018 there is no stopping the rate hikes of this crucial product. It needs to be noted that for the Indian government, fuel is a major generator of revenue and that is why the authorities have been reluctant to provide relief. Many expected the Karnataka poll to bring some good news however, even the prospects of an NDA government coming to power has failed to ease rates.
Today, diesel price in New Delhi was at Rs 67.57 per litre, higher by 26 paise compared to previous day price of Rs 67.31 per litre.
Similarly, diesel price in Kolkata was ruling at Rs 70.12 per litre today, which was up 26 paise against previous day's price of Rs 69.86 per litre. This city has record a new high by clocking Rs 70 per litre rate after Mumbai and Chennai respectively.
Furthermore, Mumbai saw hike by 27 paise to Rs 71.94 per litre as against Rs 71.67 per litre of previous day. Looking at the trend, we might well witness Rs 72 per litre rate in the city.
Chennai saw most increase in its prices compared to above cities. Diesel here was valued at Rs 71.32 per litre on Sunday, up by 28 paisa compared to previous price of Rs 71.04 per litre.
Therefore, the above mentioned state capital’s diesel prices are at record high.
However, today’s hike is despite Brent crude futures falling 79 cents, or 1%, to settle at $78.51 a barrel on Friday. This commodity has broken through $80 a barrel for the first time since November 2014, and investors anticipate more gains due to supply concerns, at least in the short term.
Brent crude oil has surged by nearly 17.5% since start of 2018.
It needs to be noted that, the OMCs have started hiking petrol prices from Monday onward, for the first time since April 24 after the conclusion of the Karnataka election voting.
Therefore, from May 14 till today, diesel prices have risen by Rs 1.64 per litre each in New Delhi and Rs 1.49 per litre in Kolkata. Whereas, Mumbai and Chennai saw the most hikes - by as much as Rs 1.74 per litre and Rs 1.76 per litre respectively.