Petrol will now cost Rs 75 per litre in Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.
The politically risk-free hike not only raised questions about the so-called policy to deregulate energy prices but was also criticised by the Opposition as the worst form of trickery on the people. The revisions were altogether stopped on April 25 due to polls in key southern state. The June price is expected to be around R14.15 per litre.
With the U.S. reimposing sanctions on Iran, global oil prices are unlikely to come down any time soon.
Prices of transport fuels are now changed on a daily basis, unlike the previous norm of fortnightly revisions.
He further said that the prices of the cooking gas (LPG) and civil aviation fuel have remained static at Rs 1,375 per cylinder and Rs 95 per litre respectively.
As per the industry insiders, India has the history of "regulating" oil prices in the run up to election dates.
Motorists will feel the pinch yet again, as another petrol price hike is on the cards. The situation is no different in other parts of the country. Hence, the losses to the OMCs are likely to get repeated in the coming months, affecting their profitability, say analysts. After a relief of 19 days, fuel prices have again started moving up in line with global crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24.
More than one in eight (13 per cent) say the cost of fuel is making them consider buying a hybrid vehicle, while nearly a tenth (9 per cent) are considering switching to electric. But during this time, the oil companies were making losses.