This despite benchmark global rate for petrol going up from $78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to $82.98 now, according to sources privy to fuel pricing methodology.
This followed public sector oil marketing companies revising the fuel prices across the country, something that they opted for after a gap of nearly three weeks.
Petrol and diesel prices were hiked by 15 paise per litre in Delhi and Mumbai, 14 paise per litre in Kolkata and 16 paise per litre in Chennai.
Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities.
GETTYFuel prices have hit their highest level since August 2016 claim
Though retail petrol and diesel prices in India follow worldwide movement of product prices, any developments on crude oil front also impacts product pricing.
Brent crude touched an intra-day peak of $79.47 a barrel its highest since November 2014. Also, the rupee has weakened to Rs 67 per United States dollar from Rs 66.62, making imports costlier. 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 to elect a new government on Saturday. The oil companies' decision to change the prices came after the polling on May 12 in that State.
"The OMCs which sustained all the losses due to it, will now certainly try to recover their losses by increasing the oil prices" said Madan Sabnavis, Chief Economist at CARE Ratings.
The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.
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