Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.57 up by 21 paisa compared to previous price of Rs 65.36 per litre.
An Economic Times analysis of the price build-up at Bharat Petroleum's (BPCL) Delhi filling station shows the Cost and Freight prices of petrol and diesel have increased by $2.9 per barrel and $2.64 per barrel, respectively, between April 25 and May 10 when the freeze on prices was lifted. According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai. But starting from Monday, the prices are again going up swiftly to see all time high for petrol and diesel in the city in post Local Body Tax (LBT) era.
Petrol and diesel prices across the country were raised second consecutive day on Tuesday, after the 19 day freeze on price changes by Oil Marketing Companies (OMCs).
Oil prices for June delivery was trading lower by a similar margin at Rs 4,846 per barrel with a business volume of 266 lots. Another dealer, who preferred not to be quoted, believed that fuel prices would further strengthen in coming days.
The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections.
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 global oil prices. Adding to the woes, the government has also denied reducing excise duty prices, thus taking a bigger hit on the public. On Wednesday, the petrol prices at 6 am were hiked by 15 paise per litre in New delhi and Mumbai.
M K Surana, chairman at Hindustan Petroleum (HPCL) said in an interview that if the worldwide fuel prices continue to surge, OMCs will have to pass on the increase to consumers. Diesel, on the other hand, has already retailing at its highest-ever price in India.