Petrol, Diesel Prices Surge For 2nd Consecutive Day After Conclusion of Lok Sabha Elections 2019

Team Latestly

New  Delhi, May 21: Fuel prices surged for a second consecutive after the conclusion of Lok Sabha elections 2019. Petrol prices on Tuesday increased by 5 paise per litre across the nation, a day after they were raised by 8-10 paise. With the fresh hike in effect, the fuel would cost Rs Rs 71.17 in Delhi and Rs 76.78 in Mumbai.

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Similarly, the rate of diesel has also been hiked consecutively over the past two days. The rate went up  9-10 paise today, a day after being raised by 15-16 paise yesterday. Per litre of the fuel is retailing at Rs 66.20 in Delhi and Rs 69.36 in Mumbai. Petrol, Diesel Prices Upswing Likely as India Ends Crude Oil Import

Experts claim that the oil marketing companies will be on on price-hike spree for the next few days to recover the losses incurred over the last two months. As seen in the past few elections, the oil companies refrain from altering the fuel prices while the polls are underway.

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Reports had on April 24 claimed that a definite post-election price hike was on cards as the waiver granted to India on oil-imports from Iran was ended by the United States.

With Tehran no longer supplying fuel to New Delhi, the domestic prices were bound to go up the the government would have to procure additional brent crude from either the Saudi Arabia or the United States -- both levying a higher charge as compared to Iran.

Iran's Foreign Minister Javad Zarif had visited his Indian counterpart Sushma Swaraj earlier this month to discuss the US sanctions. Swaraj conveyed to him that a decision on oil imports from Tehran would be finalised after the results of Lok Sabha elections 2019 gets declared.