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Petrol, Diesel Prices Hiked: 10 Points To Know
Petrol prices in Delhi hit a new high in four years and eight months while diesel prices register an all-time high.
New Delhi: After a gap of 19 days, The price of petrol and diesel were hiked today. Petrol prices in Delhi hit a new high in four years and eight months. Meanwhile, diesel prices crossed Rs. 66 per litre for the first time. According to Indian Oil Corporation, petrol prices witnessed a hike of 17 paise per litre in Delhi, 18 paise per litre in Kolkata, 17 paise per litre in Mumbai and 18 paise per litre in Chennai. According to Indian Oil's website - iocl.com, diesel prices hiked by 21 paise per litre in Delhi, 5 paise per litre in Kolkata, 23 paise per litre in Mumbai and 23 paise per litre in Chennai. Meanwhile, Karnataka state elections took place on May 12 and the results will be out on May 15, Tuesday.
Here's ten things to know:
1. On May 14, petrol was priced at Rs. 74.8 per litre in Delhi, Rs. 77.5 per litre in Kolkata, Rs. 82.65 per litre in Mumbai and Rs. 77.61 per litre in Chennai. Diesel prices were at Rs. 66.14 per litre, Rs. 68.68 per litre, Rs. 70.43 per litre and Rs. 69.79 per litre respectively.
Petrol price (in Rs. per litre)
Diesel price (in Rs. per litre)
2. According to Indian Oil, those prices took effect on 6:00 am on Monday.
3. The prices of petrol and diesel prices are reviewed on a daily basis. The rates are implemented in fuel stations w.e.f 6 am every morning.
4. A new system price revisions has been adopted by state-run oil marketing companies in June 2017.
5. Over the past few months, global crude oil prices have risen.
6. The price of Domestic petrol and diesel are determined broadly by global crude oil and rupee-dollar forex rates.
7. This year, petrol prices have risen so far by Rs. 4.83 per litre in Delhi, Rs. 4.78 per litre in Kolkata, Rs. 4.78 per litre in Mumbai and Rs. 5.08 per litre in Chennai, data from Indian Oil showed. Diesel prices have gone up by Rs. 6.5 per litre, Rs. 6.38 per litre, Rs. 7.16 per litre and Rs. 6.96 per litre respectively.
8. The rupee has weakened more than 5 per cent against the US dollar, during this period.
9. The weakness of rupee against the dollar makes the import of crude oil more expensive for Indian companies. Crude oil is the biggest item on the import bill of India. More than 80 per cent of its crude oil requirements is imported.
10. Petrol prices have risen by Rs. 1.24-1.32 per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices have gone up by Rs. 1.59-1.86 per litre in the current financial year.