The big fuel pinch: Petrol, diesel prices skyrocket

Petrol diesel prices at 3-year high

The prices are revised every day based on crude price movements.

A working Saurav Banerjee from Kolkata said that in the last six months it was still manageable.

The Minister also attributed natural calamities like Irma has a direct impact on the petroleum price hike.

His statement comes days after Pradhan ruled out cutting taxes on petrol and diesel to cushion the impact of rising worldwide oil prices that has led to petrol rates increasing by over Rs 6 per litre since the beginning of July. "The daily price mechanism is transparent and will help consumer in long term", he said.He further apprised that there is no plan to review the excise on petrol and diesel."The government has no business to interfere in pricing by oil companies.petrol, diesel prices are deregulated and market aligned", he added.

The price of petrol in Delhi on Tuesday was Rs 70.38 per litre, and in Mumbai a litre of petrol cost Rs 79.48. Similarly, the price of diesel is at a three-year high in the metro cities of Kolkata and Chennai at Rs 61.37 and 61.84 per litre respectively. However, Dharmendra Pradhan's statements sought to put the matter to a rest, at least for now.

On June 6, the government launched the daily price change mechanism that saw petrol and diesel prices undergo revision everyday. Albeit, of late, the rise in the retail fuel prices was seen due the impact of hurricanes Harvey and Irma on the worldwide fuel markets, Dharmendra Pradhan said, adding that the situation is likely to ease out in the coming days.

Addressing a press conference, Pradhan said, "There was a dip of 13 percent in refinery production due to the Texas hurricane".

A citizen from Patna said that the price hike is affecting everything around.

Another office going citizen said the decision was "unacceptable".

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