The prices were increased two days after the Karnataka Assembly elections.
OMCs, which had kept rates unchanged for almost three weeks before Karnataka went to polls despite a rise in global oil prices, reverted to a daily revision in prices soon after the elections.
In Delhi, petrol was priced at Rs 74.80 per litre on Monday, highest since September 2013, when it had hit Rs 76.06 a litre. Petrol price had risen steadily from ₹73.73 a litre on April 1 to ₹74.63 a litre till April 24 while the diesel price rose from ₹64.58 a litre to ₹65.93 a litre during the same period.
Basic economic principles have time and again proven that the consumer is the king of the market, however, a necessity that is as easily taxed as petrol or diesel should be subjected to moderate and regulated taxes in order to ensure that the working class is not burdened by it.
With this, diesel prices have touched a record high while petrol reached a 56-month peak.
Oil PSUs raised the petrol price by 15 paise a litre and that of diesel by 23 paise on Tuesday.
Revised prices will see a litre of unleaded fuel now cost €1.56, while diesel will rise to €1.35 a litre.
Meanwhile, global crude Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in USA drilling activity pointed to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran.
Terming the development as deception, the Congress party's chief spokesperson, Randeep Singh Surjewala, said, "Post deception of people of Karnataka and the country by not raising Petrol-Diesel prices for 19 continuous days to garner votes; First salvo of Petrol/Diesel enhancement is fired!"
"We have made a decision to temporarily moderate retail prices by not passing on the required increase as we believe the current global oil product prices are not supported by fundamentals". Then why does government pretend that it is not interfering in determination of fuel prices? In Kolkata, petrol will now cost Rs 77.50 a litre from Rs 77.32 a litre and in Chennai it will cost Rs 77.61 a litre from Rs 77.43 a litre.