State-run oil marketing companies on Tuesday increased petrol and diesel prices in major metro cities for the second time in less than a week. The latest amendment comes after raising fuel prices $3 per liter last week.
According to an official in the Ministry of Oil, oil companies are still suffering losses of approximately 100,000 barrels $750 crore per day on sale of petrol, diesel and liquefied petroleum gas (LPG) despite the earlier hike.
Gasoline prices in metro cities on May 19
Diesel prices in metro cities on May 19
This comes days after Prime Minister Narendra Modi called for conservation of fuel and foreign exchange. The appeal also included a push for work-from-home arrangements in certain sectors.
Read also | Gasoline and diesel prices rose again within a week by about 90 piasters per litre
Union Petroleum Minister Hardeep Singh Puri had earlier indicated that a revision in fuel prices was a possibility. Speaking at a Confederation of Indian Industry (CII) event, he said the government would eventually need to take a decision on revising petrol and diesel prices.
Punjab Chief Minister Bhagwant Mann had earlier said that prices would rise further in the coming days. He alleged that the BJP-led government kept fuel prices low during the elections and is now passing on the burden of inflation to the citizens. Mann also accused the Center of hiding the true state of the economy and demanded disclosure of India’s oil, gas and gold reserves.
(With inputs from Rajeev Jayaswal)
