Petrol, Diesel Prices Kept Unchanged For Seventh Day
- In Delhi and Mumbai, petrol prices are at their highest level in four years and seven months while diesel prices are at record highs, which means the fuel has never been this expensive in either of the cities before. (Also read: Clean Petrol, Diesel At Delhi Petrol Pumps)
- Also, at Rs 65.93 per litre, Monday's diesel price in Delhi is more than what petrol cost in the national capital on August 3, 2017. On that day, petrol retailed at Rs 65.69 per litre in Delhi, data showed.
- Domestic petrol and diesel prices are determined broadly by global crude oil and rupee-dollar forex rates.
- At present, oil marketing companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - review the rates on a daily basis. (Also read: Government Rules Out Excise Duty Cut To Cushion Petrol Prices)
- Daily prices changes are applied at petrol and diesel stations with effect from 6 am every day.
- The daily rate changes are part of a new system adopted by the three state-run oil companies in June last year.
- Domestic petrol and diesel prices have gone up sharply this year, following higher global crude prices.
- International crude oil prices rose on Monday. The prices rose in April to their highest since late 2014, driven by concern over potential disruptions to Iranian crude flows.
- Analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions.
- As a result, petrol prices are up Rs 4.66 per litre in Delhi, Rs 4.6 per litre in Kolkata, Rs 4.61 per litre in Mumbai and 4.9 per litre in Chennai so far this year, data from Indian Oil Corporation showed. Diesel prices are up Rs 6.29 per litre, Rs 6.33 per litre, Rs 6.93 per litre and Rs 6.73 per litre respectively.
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