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June's petrol price could rocket past R15 a litre

17 May 2018

With the daily price revision of automotive fuels restarting on Monday after a 19-day hiatus due to Karnataka polls, petrol prices reached almost five-year high while diesel prices hit a new all-time high in Delhi. In the capital city, diesel has already surpassed its record and is at an all-time high.

The price of fuel is expected to skyrocket past R15 per litre. In Mumbai, petrol is now priced at Rs 83.16, while it is Rs 78.01 and Rs 78.16 in Kolkata and Chennai.

The petrol prices are Rs77.79 in Kolkata, Rs82.94 in Mumbai and Rs77.93 in Chennai, respectively.

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Diesel too has never been sold at such a price in Delhi before. The prices of diesel have also soar up and retails at Rs 71.12/ litre.

As per the industry insiders, India has the history of "regulating" oil prices in the run up to election dates.

Diesel prices were hiked by 21 paise per litre in Delhi and Kolkata, 22 paise per litre in Mumbai and 23 paise per litre in Chennai. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.62, making imports costlier. Moreover, since petrol is not under GST, heavy duties levied by both Centre and state are only adding to the woes.

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He further said that the prices of the cooking gas (LPG) and civil aviation fuel have remained static at Rs 1,375 per cylinder and Rs 95 per litre respectively. The companies need to catch up on market prices as 19-day price freeze has created a wider gap.

With the changes, petrol will cost Rs 110 per litre in Kathmandu Valley.

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June's petrol price could rocket past R15 a litre