Fuel prices in India rise with Modi’s return; Petrol marks a new level of Rs 71.26 while Diesel Rs 66.69 per litre

Amid the variations seen in the market in relation to the price cuts and rises following the national poll results turning as were anticipated, welcoming NaMo for his second term, the prices of fuels have begun recording a hike.

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Petrol and diesel prices started rising soon after the last phase of the general election concluded, and have increased by 70-80 paisa per litre in the past nine days.

Prices have been on the rise since May 20, a day after the final phase of polling for the Lok Sabha elections ended. Petrol rose by 83 paise per litre in last nine days and diesel by 73 paise, according to price notifications of state-owned oil companies.

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With effect from May 28, the price of petrol was raised to Rs.71.86 per litre in Delhi, Rs. 73.92 per litre in Kolkata, Rs. 77.47 per litre in Mumbai and Rs. 74.59 per litre in Chennai. While the Diesel rates were at Rs. 66.69 per litre, Rs. 68.45 per litre, Rs. 69.88 per litre and Rs. 70.5 per litre respectively, according to Indian Oil.

While state-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had in the past completely frozen rates during times of elections, they during the Lok Sabha polls moderated the revision by not passing on all of the desired increase in rates to consumers. .


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