State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre.
The fuel prices in India have hit an all-time high since 2013 in major metro cities.
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. In Chennai, the petrol is retailed at Rs 78.16/litre and a litre of diesel costs Rs 70.49. The government has no role in the fuel price hike except for the extra tax levied by respective state governments. In Bengaluru, a litre of diesel is now for Rs 67.94 and in Hyderabad it is Rs 72.60. The sharp increase in price came after a period of lull during the Karnataka assembly pre-poll period and prices were not hiked after April 24 till May 13. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.62, making imports costlier.
Brent crude touched an intra-day peak of $79.47 a barrel its highest since November 2014.
According to Anoop Bhatia, VP & Sector Head (Corporate Ratings) at rating agency ICRA said "It would take at least around two weeks of modest price hike by the OMCs for aligning retail fuel prices with the global level, even if crude oil prices do not increase from the current level".
With the changes, petrol will cost Rs 110 per litre in Kathmandu Valley.
The oil companies set the prices of petrol and diesel depending upon the price of crude oil in the global market. Oil PSUs that had kept rates unchanged for almost three weeks before Karnataka polls despite a spike in input cost, reverted to daily revision in prices as soon as the state voted.
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