With elections in four states over, petrol and diesel prices shoot up again

Since the results of assembly elections in four states and one UT were declared earlier this month, oil marketing companies have hiked petrol and diesel prices as many as six times.

Petrol and diesel prices, which started rising after the assembly election results of four states and one Union territory were announced on May 2, show no signs of abating. Oil marketing companies hiked fuel prices for the sixth time on Tuesday since May 4. Curiously, fuel prices had remained stagnant during the election period with no change in prices for 18 days from April 16 to May 3. In the last six increases, petrol prices have risen by Rs 1.41 per litre and diesel by Rs 1.63 - more than neutralising all the reduction that came between March 24 and April 15. After raising the petrol price by a record Rs 21.58 per litre and diesel by Rs 19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers - IOC, BPCL and HPCL - had reduced petrol prices by 67 paise a litre and diesel by 74 paise per litre between March 24 and April 15.