June's petrol price could rocket past R15 a litre

Petrol prices in the UK increase

GETTYFuel tanks in petrol and diesel cars will cost almost £10 more to fill

The prices will slightly vary in bunks operated by different oil marketing firms.It has increased by 23 paise per litre when compared to Sunday's prices.

Petrol and diesel prices in the national capital touched Rs 74.95 and Rs 66.36 on Tuesday, just a day after state-run oil companies resumed the dynamic pricing mechanism on Monday, reported IANS.

As per the Indian Oil Corp website, petrol price in Mumbai rose to Rs 82.65 a litre on Monday, while diesel prices reached Rs 70.43.

The report also stated the marketing margins of OMCs has been severely impacted and reached a low of Rs 0.25 per litre because the retail prices were frozen since 24 April at a time when crude prices have gone up and the rupee depreciated against the dollar.

A litre of diesel on the other hand will cost citizens in Delhi Rs 66.57, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai, Rs 70.25 in Chennai, Rs 67.71 in Bengaluru and Rs 72.36 in Hyderabad. Another dealer, who preferred not to be quoted, believed that fuel prices would further strengthen in coming days.

GETTYFuel prices have hit their highest level since August 2016 claim
GETTYFuel prices have hit their highest level since August 2016 claim

Oil PSUs kept retail prices unchanged for almost three weeks before Karnataka elections in spite of the surge in worldwide fuel prices and Rupee's depreciation.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October a year ago by Rs 2 a litre. Diesel price has also hit its all time high since abolition of LBT here.

This means that the country started the month of May with a fuel price deficit. According to the website of Indian Oil Corporation Limited (IOCL), petrol was retailing at Rs 75.10 after an increase of 15 paise.

M K Surana, chairman at Hindustan Petroleum (HPCL) said in an interview that if the worldwide fuel prices continue to surge, OMCs will have to pass on the increase to consumers.

However, before the Karnataka polls, fuel prices remained unchanged for 19 days. The centre had cut excise duty on petrol and diesel by Rs 2 per litre in October last year for the first time in four years.

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