Petrol prices at historic highs, breach Rs 85-mark today after yet another hike; diesel prices rise by 19 paise
The government on Wednesday indicated that it could change the way pump prices are calculated. In June last year, the government had junked a 15-year old practice of revising rates every fortnight, introducing daily revisions. The new policy worked well except in periods immediately preceding elections when it was put on hold. There was a 19-day freeze in revising rates before Karnataka went to assembly polls, and after May 14, rates have gone up by Rs 2.54 a litre in case of petrol and Rs 2.41 in diesel.
Petrol price today increased by 30 paise, while diesel was retailing 19 paise higher as part of the daily revision by oil PSUs. Image source: Reuters