June's petrol price could rocket past R15 a litre

Rising fuel prices are forcing drivers off the road

Rising fuel prices are forcing drivers off the road Credit Yui Mok PA

On the other hand, diesel rate was at Rs 66.79 in New Delhi; Rs 69.33 in Kolkata; Rs 71.12 in Mumbai; Rs 70.49 in Chennai and Rs 67.94 in Bengaluru.

With the daily price revision of automotive fuels restarting on Monday after a 19-day hiatus due to Karnataka polls, petrol prices reached almost five-year high while diesel prices hit a new all-time high in Delhi. Diesel prices, too, were hiked by 22 paise, following which it was retiling at Rs 66.79 in the national capital.

With the changes, petrol will cost Rs 110 per litre in Kathmandu Valley. The last recorded highest petrol price in Mumbai was Rs 83.62/litre in September 2013.

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.

This means that the country started the month of May with a fuel price deficit. With crude touching $79.47 a barrel, and the rupee down more than 6 per cent to nearly 68 against the dollar, fuel prices were bound to be affected.

The daily pricing of fuel was enforced by the government in June past year to align with the global oil prices and currency volatility. Allegations are flying high that the fuel prices were "frozen" with the Karnataka elections in mind. 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. But when the fuel prices go up, so does the working capital for buying fuel. The government has no role in the fuel price hike except for the extra tax levied by respective state governments.

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