INSUBCONTINENT EXCLUSIVE:
Petrol and diesel prices today were hiked in the range of 19-31 paise per litre across Delhi, Kolkata,
Mumbai and Chennai, marking the eleventh straight day of hikes in the prices of petrol and diesel
Domestic petrol and diesel prices are determined broadly by crude oil price in the international market and the rupee-dollar exchange rate
The continuous increase in domestic petrol and diesel prices is attributable to the rally in crude oil in past few weeks, coupled with
weakening of the rupee against the US dollar, say analysts
The government has indicated a likely intervention in the coming days to curb the soaring petrol and diesel rates.Here are five things to
know about petrol and diesel prices today:1
With effect from 6 am on Thursday, May 24, petrol prices were at Rs 77.47 per litre in Delhi, Rs 80.12 per litre in Kolkata, Rs 85.29 per
litre in Mumbai and Rs 80.42 per litre in Chennai, according to Indian Oil Corporation
Diesel prices, according to the country's largest fuel retailer, were at Rs 68.53 per litre in Delhi, Rs 71.08 per litre in Kolkata, Rs
72.96 per litre in Mumbai and Rs 72.35 per litre in Chennai.( Government aims at long-term solution on petrol, diesel prices)2
Thursday's increase included, petrol prices have been raised by Rs 2.84 per litre in Delhi, Rs 2.8 per litre in Kolkata, Rs 2.81 per litre
in Mumbai and Rs 2.99 per litre in Chennai in 11 days, data shows
litre)24-May23-May13-May24-May23-May13-MayDelhi77.4777.1774.6368.5368.3465.93Kolkata80.1279.8377.3271.0870.8968.63Mumbai85.2984.9982.4872.96
72.7670.2Chennai80.4280.1177.4372.3572.1469.56(Source: iocl.com)3
Bharatiya Janata Party (BJP) chief Amit Shah had said on Tuesday that the government would come up with a solution in three-four days to
keep a check on increasing fuel prices in the country
"We are taking increase in fuel prices very seriously oil prices have increased according to a set formula
We are working on the situation at the highest level
Our people in the government will come up with a solution in three-four days," he had said
(Read: Government considering steps to keep petrol, diesel rates in check)4
Currently, petrol and diesel prices are at all-time highs in Delhi, Mumbai and Chennai
Petrol and diesel prices vary from state to state depending on local sales tax or VAT (value added tax)
Fuel rates are not under GST
The government had said last month that petroleum products should be brought under GST so that consumers can get the benefit of price
Crude oil-rupee: Crude oil prices in the international market dipped today on expectations that OPEC members will step up production in the
face of worries over supply from both Venezuela and Iran
OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22
Prices however were not far from their 2014 highs
Meanwhile, the rupee closed at an 18-month low against the US dollar on Wednesday.(With agency inputs)
