Petrol, Diesel Prices Shoot Up After Karnataka Assembly Elections

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New Delhi: Government-run oil companies today raised petrol and diesel prices by 17 paise and 21 paise per litre respectively, after retail automobile fuel prices remained unchanged since April 24.

This comes in the backdrop of the elections for the Krnataka srate assembly which ended on May 12. Indian Oil Corporation Limited (IOCL) Chairman Sanjiv Singh had earlier said that his firm had decided to “temporarily moderate” prices.

Diesel prices today reached Rs66.14 per litre in Delhi, a record high. Petrol prices also rose to Rs74.80 per litre.

The National Democratic Alliance government has maintained that it has got no role in pricing since India’s three government-run oil marketing
companies—Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—introduced dynamic fuel pricing in June 2017, joining countries such as the US and Australia, where fuel prices change daily depending on global oil price fluctuations.

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