The cost of fuel remains unchanged for more than a month on Saturday, May 14 after a bout of several rate hikes that ended in early part of April. Fuel prices have remained unchanged for the last 38 days on Saturday, May 14. It is important to note that the petrol and diesel prices were last hiked by 80 paise a litre each on April 6, Wednesday, taking the total increase in rates in 16 days to ₹10 per litre.
The price of petrol in Delhi is at ₹105.41 per litre while diesel rates costs ₹96.67, as per the price notification of state fuel retailers. In Gurugram, one litre of petrol will cost ₹105.86 and ₹97.10 for one litre of diesel.
While in Chennai, the petrol and diesel prices are at ₹110.85 and ₹100.94 per litre, in Kolkata, the price of petrol is ₹115.12 and diesel is ₹99.83 . Additionally, in Bengaluru, one litre of petrol costs ₹111.09, while one litre of diesel costs ₹94.79.
Meanwhile, the country’s inflation accelerated for a seventh month to the fastest since May 2014 on higher fuel and food costs, sending bond yields higher and spurring expectations the central bank will raise rates further to tame prices.
Consumer prices increased 7.79% in April, the Central Statistics Office said in a statement Thursday. That compares with a 7.42% gain predicted in a Bloomberg survey of economists and 6.95% the previous month, as per Bloomberg report.
Inflation has been running ahead of the Reserve Bank of India’s 2%-6% target range for four straight months. Governor Shaktikanta Das has since last month stressed the need to prioritize slow price gains over supporting growth, and the bank announced a surprise rate hike last week.
(With inputs from agencies)