Published: Thu, May 17, 2018
Medicine | By Earnest Bishop

Petrol, Diesel Prices Continue to Rise After 19-Day Freeze

Petrol, Diesel Prices Continue to Rise After 19-Day Freeze

In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%. Diesel prices in Delhi have accordingly moved upwards at Rs 66.57 per litre and Rs 70.88 per litre in Mumbai.

Diesel price in Kolkata: Diesel price here was valued at Rs 69.11 per litre higher by 21 paisa as against previous price of Rs 68.90 per litre.

Nepal Oil Corporation has hiked Rs 2 per litre in petrol, diesel, kerosene effective from Wednesday midnight, official at the NOC said.

This despite benchmark global rate for petrol going up from $78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to $82.98 now, according to sources privy to fuel pricing methodology.

Moreover, Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014.

Flash Flood Watch In Effect For Parts Of Maryland
The creek is forecast to rise above flood stage and continue to near 10.6 feet by Wednesday afternoon before beginning to fall. Showers and storms overnight could produce damaging winds and hail and will linger into the Tuesday morning commute.

The new prices took effect at 6 a.m. on Monday.

IOC Chairman Sanjiv Singh earlier told to IANS that the dynamic pricing was suspended temporarily despite a rise in worldwide rates to avoid panic among consumers.

Analysts estimate the three OMCs - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - took a combined hit of over Rs 1,500-1,700 crore since the start of April, when the prices marginally higher despite a steep rise in worldwide oil prices.

Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in worldwide oil price.

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