Petrol, diesel prices to be hiked on June 1

Petrol, diesel prices to be hiked on June 1

Petrol and diesel prices are going to rise across the country from midnight May 31/June 1.

According to the daily fuel price data for five cities released by Indian Oil, a price difference of 86 paisa to ₹2 per litre on petrol emerged in comparable geographies on May 25. For diesel, the price difference ranged between 48 paisa and ₹1.59 a litre.

Similar to the present scenario, there was an evident price difference between comparable cities a week before the last fortnightly revision. This difference was narrowed out in the last price cut on May 15, when a downward revision of ₹2 per litre for petrol and diesel was implemented. Public sector oil marketing companies are expected to announce the fortnightly price of petrol and diesel on May 31/June 1 midnight.

An oil marketing company official told BusinessLine: “The fortnightly revisions will continue to trail the daily fuel price revision trends.”

Taking cue from global product prices, the dynamic pricing mechanism has resulted in fuel being dearer in the five cities it is being piloted in — Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh. The price in Jamshedpur, Udaipur and Visakhapatnam can be compared to that in Ranchi, Jaipur and Hyderabad respectively due to similar tax levies. Read More…



Credit By: The Hindu Business Line

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