The price of petrol was increased by 15 paise per litre on Monday, taking it beyond Rs 86 in Mumbai. Oil companies increased the fuel prices for the 15th consecutive day on Monday, even as international prices of crude oil have reduced in the last three days.
On Monday, one litre of petrol was Rs 78.27 in Delhi, while a litre of diesel was Rs 69.17. Petrol prices rose to Rs 80.91 a litre in Kolkata, Rs 86.08 in Mumbai and Rs 81.26 in Chennai, according to the Indian Oil Corporation. Diesel prices touched Rs 71.72 in Kolkata, Rs 73.64 in Mumbai and Rs 73.03 in Chennai.
State-run oil companies had resumed the dynamic pricing mechanism on May 14 after stable prices for 19 days. Retail prices were frozen between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections.
International crude oil prices had risen in the period, while the rupee fell against the United States dollar – both factors make the fuels costlier. Oil companies are estimated to have lost about Rs 500 crore because of the price freeze for three weeks, PTI reported.
However, international crude oil prices have fallen significantly since their peak in May – the Brent crude variety has lost 6.4% and West Texas Intermediate variety declined 9.1%, Reuters reported.
On Friday, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan said the Centre is considering bringing petroleum products under the purview of the Goods and Services Tax. Earlier, he had said the Centre is deliberating on an “immediate solution” to control rising fuel prices.
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