Petrol and diesel prices were hiked marginally in metros after a gap of two days. While the petrol price in Delhi stood at Rs. 70.39 per litre on Thursday, the diesel price was at Rs. 65.67 per litre, up 6 paise per litre and 5 paise per litre compared to the previous day’s prices, according to data from Indian Oil Corporation. In Mumbai, the petrol price was at Rs. 76.03 per litre and the diesel price at Rs. 68.76 per litre with effect from 6 am on Thursday, the Indian Oil data showed. Currently, oil marketing companies such as Indian Oil – the country’s largest fuel retailer – review petrol and diesel rates on a daily basis, and any changes are effected at fuel stations at 6 am.
Here are 10 things to know about current petrol and diesel prices:
1. In Kolkata, the petrol price was at Rs. 72.50 per litre on Wednesday, and the diesel price was at Rs. 67.45 per litre. In Chennai, the petrol price was at Rs. 73.06 per litre and the diesel rate at Rs. 69.37 per litre.
2. Petrol and diesel prices are determined broadly by the rates of crude oil overseas and rupee-dollar in the forex market.
3. Including Thursday’s revision, the fuel prices have been hiked 15 times so far this calendar year and lowered 13 times.
4. In Delhi and Mumbai, the petrol prices have been increased by a total of Rs. 1.55 per litre and Rs. 1.56 per litre during this period. The diesel prices have been revised upwards by a total Rs.2.81 per litre and Rs. 3 per litre respectively.
5. In Kolkata, the petrol price has been hiked by Rs. 1.54 per litre so far this year, and the diesel prices increased by Rs. 2.84 per litre.
6. Similarly, in Chennai, the petrol price has been raised by Rs. 1.65 per litre so far this year, and the diesel price by Rs. 3.02 per litre.
7. As per the current system of daily price reviews followed by the oil marketing companies, the domestic fuel prices depend upon international fuel prices on a fifteen-day average and the value of the rupee against the dollar.
8. The fuel rates vary from city to city and from pump to pump depending on local taxes and transportation cost.
9. Global crude oil prices have declined more than 26 per cent since the October high of $86.74 a barrel. However, Brent futures – the global benchmark for crude oil – have risen about 18 per cent so far in 2019.
10. The rupee has weakened about 1.5 per cent against the dollar so far this calendar year.