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IOC resumes dynamic pricing, petrol near 5-year high in Delhi

IANS  |  New Delhi 

With the resumption of dynamic system for transport fuels on Monday by the (IOC), petrol prices in the national capital shot up to 74.80 per litre.

The IOC had suspended dynamic system for transport fuels for 19 days to "avoid creating unnecessary panic among the consumers".

In Delhi, petrol was priced at Rs 74.80 per litre on Monday, highest since September 2013, when it had hit Rs 76.06 a litre. The price was last changed on April 24 when it was at Rs 74.63 per litre.

In the other metropolitan cities of Kolkata, and also petrol prices were at multi-year high levels of Rs 77.50, Rs 82.65 and Rs 77.61 a litre on Monday.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 77.48 (Chennai, September 2013).

Apart from petrol prices, diesel also rose to a fresh record high after the last price movement on April 24. Prices of diesel on Tuesday, in Delhi, Kolkata, Mumbai, were Rs 66.14, Rs 68.68, Rs 70.43 and Rs 69.79 per litre, respectively.

Prices did not change in the last 19 days, despite rise in international prices, which observers cited as a deliberate political move ahead of polls. Brent is currently priced over $76 per barrel.

However, IOC on May 8, said the dymanic was suspended temporarily despite a rise in international rates, to avoid panic among consumers.

"We have decided to temporarily by not passing on the required increase as we believe the current international are not supported by fundamentals. So we have decided to wait for a while," Singh had said, adding: "Passing them on to consumers will unnecessarily create panic."

This temporary relief to consumer seems to have come to an end with the rise in prices on Monday.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 13:34 IST
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