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11 May 2018
 |
| Oil
(The Total Investment & Insurance Solutions) |
Oil companies are looking to hike petrol and
diesel prices, after a long freeze, immediately after the Karnataka polls. ET
Now on Friday reported quoting sources that petrol and diesel prices are likely
to go up by Rs 1.5 a litre from May 13 — just the next day of Karnataka polls. OMCs
are looking at a staggering hike of Rs 3 a litre but fear public outrage if
price hike is too steep, the new channel reported. The Total Investment & Insurance Solutions
The oil companies have not hiked fuel prices
since April 24. However, on Thursday, Indian Oil Corporation chief denied the link
between price hike freeze and Karnataka polls. IOC Sanjiv Singh said the
decision of oil PSUs to not hike petrol and diesel prices was aimed at
stabilising them and it “incidentally” coincided with Karnataka elections. The Total Investment & Insurance
Solutions
The fuel
prices were frozen even as the crude oil prices kept rallying,
triggered by US President Donald Trump’s decision to walk out on Iran nuclear
deal. The petrol and diesel prices were kept frozen at Rs 74.63 and Rs 65.93
respectively in Delhi. The Total
Investment & Insurance Solutions
Even as Sanjiv Singh said that the surge in
international oil products market was not supported by fundamentals and passing
them on to consumers would have created unnecessary panic, some experts
disagreed. PTI quoting an oil sector analyst reported that if the dynamic daily
price revision practice was followed in letter and spirit, petrol and
diesel prices should have been increased by 50-60 paisa a litre in last one
week. The Total Investment &
Insurance Solutions
The government had in June 2010 freed petrol price from
its control and the diesel rates were deregulated in October 2014. Prices have
since then moved more or less in tandem with international rates barring a few
exceptions like the period before a crucial election. The Total Investment & Insurance Solutions
The prices at petrol pumps of state-owned
fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paisa every day in
the first fortnight of December 2017 before Gujarat went to polls. They started
moving up immediately after polling for assembly elections in Gujarat concluded
on December 14, leading to speculation that government may have asked oil
companies to hold on to the prices, the news agency reported last week.The Total Investment & Insurance Solutions
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