Business/Economy

Fuel prices hiked after 19 days as Karnataka elections get over

Fuel prices hiked after 19 days as Karnataka elections get over

Petrol and diesel prices were hiked after a 19-day pre-Karnataka poll. Petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.  

Oil PSUs, who had kept rates unchanged for nearly three weeks before Karnataka went to polls despite input cost spiking, reverted to daily revision in prices no sooner had the state voted to elect a new government on Saturday.

According to a price notification issued by state-owned oil marketing companies, Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93. With this, diesel prices have touched a record high while petrol is at a 56-month peak.  

This is not the first time that a balm on fuel price pain has been applied.

The prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paise every day in the first fortnight of December 2017 before Gujarat went to polls. They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold the prices.