The politically risk-free hike not only raised questions about the so-called policy to deregulate energy prices but was also criticised by the Opposition as the worst form of trickery on the people.
According to Telangana Petroleum Dealers Association, during the last three days, fuel prices were increased by 32 paise on petrol and 72 paise on diesel. Diesel prices touched Rs 68.9 in Kolkata (Rs 68.68 on Monday), Rs 70.66 in Mumbai (Rs 70.43) and Rs 70.02 in Chennai (Rs 69.79). However, fuel prices remained unchanged for 19 days before the Karnataka elections, and state-owned oil companies are estimated to have lost around ₹ 500 crore as they absorbed the higher cost due to the rise in global crude prices as well as the fall in rupee against the U.S. dollar during the period. Petrol reached over 75-mark in Delhi and is selling at Rs 75.10 today in the national capital.
Petrol price in Chennai today: The petrol price here stood at Rs 78.16 paisa up by 23 paisa versus previous day prices of Rs 77.93 per litre.
With elections in Karnataka concluding, other states like Mizoram, Chhattisgarh, Madhya Pradesh and Rajasthan are next in line for state legislative assembly elections, before the country gets ready for general elections in 2019. It has strictly denied reducing excise duty rates for petrol and diesel despite several requests. Brent crude futures were at $79.36 per barrel, up 8 cents from their last close. The motorists will feel the heat of the surge in fuel prices across the nation.
The fuel prices in India have hit an all-time high since 2013 in major metro cities. The state-run oil marketing companies kept the rate on hold for 19 days.