Oil prices static before polls

The Telegraph
May 02, 2018

A fortnight before Karnataka goes to polls, PSU oil firms have stopped revising petrol and diesel prices although benchmark international rates have gone up by almost $2 per barrel.

The daily price notification issued by oil firms showed that petrol and diesel prices have been static since April 24.

This is despite the benchmark international rate for petrol going up from $78.84 a barrel, which was cited for raising the price to Rs 74.63 a litre on April 24, to $80.56 now, according to sources privy to fuel-pricing methodology.The benchmark international diesel rates during this period have climbed from $84.68 per barrel to $86.35.

Also, the rupee has weakened to Rs 66.14 to a US dollar from Rs 65.41, making imports costlier.

Before the price revisions stopped, petrol had hit a 55-month high of Rs 74.63 a litre and diesel a record high of Rs 65.93. Oil company officials declined comment. 

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