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.
Petrol and diesel prices were raised on Monday after an unofficial 19-day freeze that mysteriously melted no sooner than the Karnataka polls had ended.
Petrol will now cost Rs 75 per litre in Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.
Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each. In Chennai, the petrol is retailed at Rs 78.16/litre and a litre of diesel costs Rs 70.49. Similarly, in Delhi the petrol price touched Rs 74.80 a litre, while diesel prices stood at Rs 66.14. The last recorded highest petrol price in Mumbai was Rs 83.62/litre in September 2013.
Global crude prices had been rising over fears that the sanctions by the USA on Iran, one of the biggest producers in the Middle East, could limit crude exports from the country.
The price hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon. In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%.
Congress president Rahul Gandhi tweeted: "Karnataka finishes voting, FUEL prices rise to a four-year high!"
Motorists will feel the pinch yet again, as another petrol price hike is on the cards. Mumbai becomes the most affected city in India when it comes to fuel price hike. With the increasing price, there is no relief for the public.