Wednesday, September 29

Raise in Petrol and Diesel Prices After Assembly Elections

As of today, Tuesday, the state-owned oil marketing companies raised the prices for petrol and diesel after the results announced for the assembly elections in West Bengal, Kerala, Assam, Tamil Nadu, and Puducherry on Sunday.

As a result of assembly elections, the price of petrol rose by 15 paise per liter in Delhi, while diesel rose by 18 paise per liter. This has happened for the first time, that the transportation prices have risen against the backdrop of the assembly election.

Now in Delhi, petrol and diesel are retailing at 90.55 per liter and 80.1 per liter apart, from now at state-run Indian oil corporation LTDs outlets.

The cost for the Indian basket of crude comprising Oman, Dubai, and Brent crude, was at $65.71 a barrel on May 3. During the covid outbreak in April last year, the prices for Indian baskets for crude had dive to 19.90 before recuperating $63.40, it been shown by the data from petroleum planning and analysis cell.

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The prices of petrol and diesel in India have remained subdued with three governments- run OMC – Indian oil corporation LTD, Bharat petroleum corporation ltd and Hindustan petroleum corporation ltd abstain from rising prices.

While Trinamool Congress swept the West Bengal assembly polls for the third time, in Tamil Nadu the Dravida Munnetra Kazhagam (DMK)-led alliance emerged as the winner. In Kerala, the Left Democratic Front (LDF) emerged victorious, with BJP returning to power in Assam, and the National Democratic Alliance (NDA) winning the Puducherry assembly.

The government and state-run OMCs have maintained that there is no link between elections and transportation fuel price freeze. The government has got no role in pricing, as India’s 3 government-run oil marketing companies introduced vigorous fuel pricing, attaching countries such as the US, Australia, where fuel prices change timely depending on the global price fluctuations.

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