Petrol and Diesel Prices hiked

Hyderabad, May 13: In a shocking news to vehicle riders, especially for common middle-class people while Petrol and diesel prices are hiked.

After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a liter and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.

Petrol price in Delhi was hiked to Rs 74.80 per liter from Rs 74.63 while diesel rates were increased to Rs 66.14 a liter from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.

With this, diesel prices have touched a record high while petrol is at a 56-month peak.

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.

State-owned oil marketing companies are estimated to have lost about Rs500 crore as they absorbed higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar.

Oil PSUs, which have been since June last year revising auto fuel prices on a daily basis to reflect changes in the cost, have kept pump rates static since April 24, an analysis of daily price notification issued by oil companies showed.