Have consumers gained back what they had lost from rising fuel prices? | cnbctv18.com

After oil marketing companies (OMCs) decided to keep the prices of auto fuels unchanged, since then, the prices in India were on a freeze for 19 consecutive days between April 25, 2018 and May 13, 2018.

Many media reports during this period stating that the government had directed the OMCs no to raise auto fuel prices ahead of Karnataka elections.

However, the Union Petroleum Minister Dharmendra Pradhan and the OMCs dismissed these reports.

But this 19-day period was the most prolonged period with no revision in auto fuel prices, since the adaption of the new dynamic pricing practice of revising fuel prices on a daily basis.

Day 20: May 14, 2018

Finally, the OMCs revised the auto fuel prices upwards. The retail selling price of petrol was increased by 23 paise per litre.

Since then, the OMCs kept on raising the fuel prices for 16 consecutive days till May 29, 2018.

In all, during this period of 16 days, the retail selling price of petrol was up by Rs 3.8 per litre. On an average, the retail price of petrol was increased by 31 paise per litre per day.

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Have consumers gained back what they had lost from rising fuel prices? – cnbctv18.com.