CHENNAI: Escalating international crude oil prices seem to have had little impact on Indian fuel prices due to the ongoing Lok Sabha elections.
Petrol prices have largely remained stable in the last one month, though international crude prices jumped by seven per cent per barrel in the last one month.
Data sourced from MCX revealed that a barrel of crude oil jumped Rs 326 between March 26 and April 22. While one barrel of crude oil cost Rs 4,131, it increased to Rs 4,457 on April 22. However, petrol price hovered between Rs 75.67 and Rs 75.71a litre during the same period at fuel stations in Chennai, recording only a marginal revision in prices. Similarly, diesel rates were fluctuating between Rs 70.26 and Rs 70.17 per litre at fuel stations in the city. It is unusual compared to the past, when fuel prices witnessed an increase by 50 paise to Rs 1 on a frequent basis.
P Kuppusamy, an auto rickshaw driver at Egmore, who fills petrol for his vehicle on a daily basis, said he was surprised to notice that petrol rates have been almost constant.
