Petrol and diesel prices took a pause on Wednesday, after six consecutive days of hikes. Data from Indian Oil Corporation – the country’s largest fuel retailer – showed that fuel prices in Delhi and Mumbai, among other metros, were kept unchanged on February 27, after 12 hikes in past 13 days. Currently, the domestic prices of petrol and diesel vary from state to state, and reviewed by oil marketing companies such as Indian Oil on a daily basis. Any revisions are effected at the fuel stations at 6 am.
With effect from 6 am on Wednesday, the price of petrol was at Rs. 71.66 per litre in Delhi and Rs. 77.29 per litre in Mumbai, according to Indian Oil Corporation. The diesel rates were at Rs. 66.92 per litre and Rs. 70.1 per litre respectively. In Kolkata, the prices of petrol and diesel were at Rs. 73.76 per litre and Rs. 68.71 per litre respectively. In Chennai, the prices were at Rs. 74.41 per litre and Rs. 70.72 per litre respectively.
The prices of petrol in Delhi and Mumbai have been increased by Rs. 2.82 per litre each so far this year, according to the Indian Oil data. In Chennai, the petrol price has gone up Rs. 3 per litre during this period. The diesel rates have been raised by Rs. 4.06 per litre and Rs. 4.34 per litre in Delhi and Mumbai respectively.
Petrol and diesel prices are determined broadly by the rates of crude oil overseas and rupee-dollar in the forex market.
Global crude oil prices have declined 24.2 per cent since the October high of $86.74 a barrel. However, Brent futures – the global benchmark for crude oil – have risen about 22.3 per cent so far in 2019.
The rupee has weakened about 1.9 per cent against the dollar so far this calendar year. Any depreciation in the rupee makes the import of crude oil more expensive.