Less than 24 hours after polling for 2019 Lok Sabha elections came to a close, state oil companies on Monday raised the petrol and diesel prices.
According to reports, petrol in New Delhi on 20 May cost Rs 71.12 per litre while diesel will cost Rs 66.11 per litre.
While the rise in petrol has been about 8-10 paise across the country, there has been a rise of 15-16 paise in diesel price.
The price of petrol in Kolkata on 20 May was Rs 73.19, in Mumbai was Rs 76.73 and in Chennai was Rs 73.82. Diesel was sold at Rs 67.86 in Kolkata, Rs 69.27 in Mumbai and Rs 69.88 in Chennai.
The rise ended the southwards movement in the prices of retail petrol and diesel through May, even though global oil prices remained firm.
The price of Petrol in Delhi on 30 April was Rs 73.13, in Kolkata was Rs 75.15, in Mumbai was Rs 78.7 and in Chennai Rs 75.9. On the same day, the price of diesel in Delhi was Rs 66.71, in Kolkata Rs 68.45, in Mumbai Rs 69.83 and in Chennai Rs 70.44.
Reports say that the rise in fuel prices this time was because of the rise in crude oil prices in the international market.
On Monday, Saudi Arabia announced that oil producing countries will continue to limit supplies. This pushed up oil prices by 1 per cent.
It is expected that the fuel prices will rise further and consumers will have to bear the shock of the rise in transport costs.