Diesel price stays at a high even as BJP set to form govt in Karnataka; Metro cities see hikes in 22p to 23p range

Diesel price in India today: Diesel prices in various state capitals are rising again. From Monday onward, the state-owned OMCs started raising diesel prices as the Karnataka poll concluded, and even the prospects of NDA government coming to power has failed to ease rates. Today, cities like Mumbai, Chennai have witnessed massive raise. Also even share price of New Delhi jumped over Rs 66 per litre. In Karnataka, BJP is ahead in 119 seats, JDS leading in 46 seats, while  Congress leads in 60 seats as of 11 am. 

Rising crude oil, coupled with Indian government ruling out excise duty cuts and various states’ being reluctant in reducing the VAT on fuel prices, has left limited room for OMC to make any relaxation in the price of the product, especially diesel, which is currently at a record high. 
 
Moreover, international crude oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran tightened the market amid signs of ongoing strong demand.
 
Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.36 up by 22 paisa compared to previous price of Rs 65.14 per litre. 
 
Diesel price in Kolkata: Diesel price here was valued at Rs 68.90 per litre higher by 22 paisa as against previous price of Rs 68.68 per litre. Considering the limited room for reduction in diesel prices, Kolkata may soon become the third metro city to touch Rs 69-level.
 
Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.66 per litre-mark, the highest among metro cities. It was up by 23 paisa compared to previous day price of Rs 70.43 per litre. 
 
Diesel price in Chennai: Like Mumbai, similar hike was also made in Chennai. The price of the product stood at Rs 70.02 per litre up by 23 paisa compared to Rs 69.79per litre of previous day. You are now paying Rs 70 per litre in this city. 
 
Diesel prices in other state capitals: The product in Bangalore was available at Rs 67.50 per litre, Bhopal at Rs 69.84 per litre, Bhubaneswar at Rs 71.12 per litre, Chandigarh at Rs  64.44 per litre, Dehradun at Rs  66.68 per litre, Gandhinagar at Rs 71.31 per litre, Hyderabad at Rs  72.13 per litre, Jaipur at Rs  70.71 per litre, Lucknow at Rs 66.50 per litre, Patna at Rs 71.01 per litre, Raipur at Rs 71.66 per litre and Srinagar at Rs 69.76 per litre.
 
Moreover,  Brent crude futures were at $76.65 per barrel at 0415 GMT, down 47 cents, or 0.6 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $70.41 a barrel, down 29 cents, or 0.4 percent.

Brent and WTI last week reached their highest since November 2014 at $78 and $71.89 per barrel respectively, as markets expect Iran`s oil exports to fall significantly once U.S. sanctions bite later this year, reported by Reuters.