Petrol, Diesel Prices Hiked Again as Karnataka Elections Conclude, First Revision in 19 Days
The fresh hike comes despite crude oil prices slumping by nearly $9 over the past fortnight | File Image | (Photo Credits: PTI)

Kolkata, May 14: After stable rate of petrol and diesel over the last 19 days, the revision came on Monday as state-owned oil corporations increased the fuel prices.

Petrol rate surged by 17 paise per kilometre in both Mumbai and Delhi. Diesel prices in NCR were upgraded by 13 paise, whereas, in Mumbai it rose by 23 paise.

Petrol prices for May 14, 2018:

Metros Prices

Delhi 74.80
Kolkata 77.50
Mumbai 82.65
Chennai 77.61

Diesel prices for May 14, 2018:

Metros Prices

Delhi 66.14
Kolkata 68.68
Mumbai 70.43
Chennai 69.79

Questions have been raised at the timing of resumption in fuel rate revision as no changes were made in the past 19 days, when electioneering was in full swing in the southern state of Karnataka. The ruling BJP at Centre was a prime contender to dislodge the Siddaramaiah-led Congress in the state. The election results will be out tomorrow.

A similar lull in fuel price hike was witnessed ahead of Gujarat assembly elections in December 2017. The oil corporations had, instead, slashed the rate of petrol by 1-3 paise per day in the first fortnight of the month -- before the polls were held on December 17. The reduction came despite the rise in global crude oil prices. The companies had reportedly incurred a loss of nearly Rs 500 crores for not maintaining the price in accordance with the rate of supply.

The brent crude oil price is currently hovering around $75 per barrel. With sanctions likely to be reimposed on Iran, along with the escalating involvement of Israel in the Syrian war, analysts are firm on a further hike in oil prices in the near-future. This will adversely impact an array of countries, including India, who are dependent on imports from the Middle East for 90 per cent of their fuel consumption.