Petrol and diesel prices were raised on Monday after an unofficial 19-day freeze that mysteriously melted no sooner than the Karnataka polls had ended.
South African motorists are now facing increases of 74 cents per litre for oil, 81 cents per litre for diesel, and 78 cents for paraffin.
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Defending the freeze in petrol and diesel prices, Sanjiv Singh, Chairman and Chief Executive Officer (CEO) at Indian Oil Corporation (IOC) last week said that the increase will be passed on to the consumers in due time, without disclosing the increase or the time frame.
The previous prices recorded in these cities was Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013), according to IANS. Analysts say prices could go up by additional Rs 4 per litre in coming days with oil firms trying to recover their marketing margins. Meanwhile, worldwide crude price settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.
The rise in worldwide oil prices will hit a sore spot for South African motorists as yet another substantial fuel price hike is on the cards for the end of May. Refiners add insurance, a few other charges as well as excise duty, state Value Added Tax (VAT) and Dealers commission to global fuel rate to determine the retail price. Traders, businessmen, transporters and others were also seen showing dissatisfaction over the current levels of fuel prices. Diesel price has also hit its all time high since abolition of LBT here. The prices, that are expected to fluctuate every day since the Government brought in place dynamic pricing system for petrol and diesel, there was a lull for about 18 days. More taxes on petrol and diesel, more burden on the consumer.