A day after the Lok Sabha Elections 2019 wrapped up, petrol and diesel prices saw an increase in prices. Petrol prices rose about 8-10 paise, while diesel rose 15-16 paise across the major cities in India on Monday. As per the Indian Oil Corporation data, petrol will now cost Rs 71.12 per litre in Delhi, while diesel has climbed to Rs 66.11 per litre. The rise in fuel prices is attributed to the rise in crude oil prices in the international market. Crude prices surged 1% on Monday after Saudi Energy Minister Khalid al-Falih said that oil producing countries have agreed to continue limiting supplies, Reuters reported. Brent crude futures stood at USD 72.98 a barrel around 5:30 am, up 1.1 per cent, against the previous close.
In Mumbai, petrol prices stood at Rs 76.73 per litre, while diesel was at Rs 69.27 per litre. In Kolkata and Chennai, petrol rates jumped to Rs 73.19 and Rs 73.82 per litre respectively, while diesel stood at Rs 67.86 and Rs 69.88 per litre respectively.
For the first three months of 2019, petrol and diesel prices saw a gradual uptick. Petrol price gained by more than Rs 4 since January 1 in Delhi.
The rates of fuel are revised everyday in the morning. The change in domestic fuel prices also depend upon international fuel prices and the value of rupee.
After Saudi energy minister Khalid al-Falih indicated that there was a consensus to continue limited supplies between Opec and allied oil producers, oil prices jumped as much as 1 per cent. Brent crude futures were up 77 cents at $72.98 a barrel at 0009 GMT from their last close.
The rise in oil prices come a day after the conclusion of the Lok Sabha Elections 2019 polling. The India Today-Axis My India poll gave 339-365 seats to the BJP-led NDA. Meanwhile, the Congress-led UPA is expected to bag 77-108 seats and the SP-BSP-RLD combine might secure a victory on 10-16 seats. Others are likely to come on top in 59-79 seats, as per the exit poll. Most exit polls predicted an easy victory for the incumbent BJP-led National Democratic Alliance (NDA), while Congress-led United Progressive Alliance (UPA) is expected to report a significant improvement from 2014's 44 seats.