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The uptick is largely being seen as a fallout of escalation in global crude oil prices which went northwards of $80 per barrel.
On Thursday, brokerage firms suggested that a hike of Rs 4 in petrol, diesel prices is on the cards. “Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a litre and gasoline (petrol) by Rs 4-4.55 per litre in the coming weeks to earn normative gross marketing margins of Rs 2.7/litre,” Kotak Institutional Equities said in a report.
“We note that the lack of price hikes over the past three weeks, before Karnataka elections amid a sharp increase in global crude/product prices, has resulted in sharp moderation in gross marketing margins to around Rs 0.5-0.7 a liter,” it said.
State-owned oil companies chose not to increase fuel prices for 19 days leading to the Karnataka assembly elections. However, as soon as the polls got over, the prices started rising with petrol and diesel bills getting fatter by 98 paise and Rs 1.15 per litre respectively, since then.
The observation made by brokerage firms had an adverse impact on the equity markets too which has finished with losses in the last three days and was trading almost half a per cent further in the red on Friday morning.