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Last Updated : May 18, 2018 01:38 PM IST | Source:

Petrol, diesel prices continue to surge post Karnataka pre-poll hiatus

Petrol prices remain highest in Mumbai at Rs 83.45 per litre with the surge of 29 paise

Moneycontrol News @moneycontrolcom

The surging trend in fuel price, which started soon after the Karnataka polls, continued on Friday. The prices of petrol and diesel have been increased by 29 paise per litre.

In the National Capital, the petrol price has been hiked to Rs 75.61 per litre from Rs 75.32 while diesel rates were increased to Rs 67.08 per litre from Rs 66.79, according to a price notification issued Indian Oil.

Petrol prices remain highest in Mumbai at Rs 83.45 per litre with the surge of 29 paise. Diesel price touched Rs 71.42 per litre in the financial capital.

In case of highest diesel price, Hyderabad remained on top with price Rs 72.91.

These tally came a day after a brokerage firm asserted that Rs 4 per litre increase in petrol and diesel prices is in the offing if state-owned fuel retailers are to return to pre-Karnataka poll hiatus margin levels.

Soon after Karnataka polled to elect a new government, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) on Monday ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practice of changing rates on a daily basis.

"Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a litre and gasoline (petrol) by Rs 4-4.55 per litre in the coming weeks to earn normative gross marketing margins of Rs 2.7/litre," Kotak Institutional Equities said in a report.

The increase is based on assumption that global price of diesel and petrol and Rupee-US Dollar exchange rate remain stable hereon.

(With inputs from PTI)

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First Published on May 18, 2018 12:24 pm
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