Petrol and diesel prices are broadly determined by global crude oil and rupee-dollar exchange rates There was no change in petrol and diesel prices today, a third day of steady rates.
Currently, oil marketing companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - review the rates on a daily basis.
Daily prices changes are applied at petrol and diesel stations with effect from 6 am every day, a system adopted by the three state-run oil companies in June last year.
However, petrol prices have been raised by Rs 1.08 per litre in Delhi, Rs 1.06 per litre in Kolkata, Rs 1.07 per litre in Mumbai and Rs 1.14 per litre in Chennai so far this month, data from Indian Oil Corporation's website - iocl.com - showed on Friday.
Diesel prices have been increased by Rs 1.53 per litre, Rs 1.54 per litre, Rs 1.62 per litre and Rs 1.63 per litre during this period, respectively.
Global oil prices are near their highest level since 2014.Currently, petrol prices are at Rs 74.63 per litre in Delhi, Rs 77.32 per litre in Kolkata, Rs 82.48 per litre in Mumbai and Rs 77.43 per litre in Chennai, according to Indian Oil Corporation.
Diesel prices are at Rs 65.93 per litre, Rs 68.63 per litre, Rs 70.2 per litre and Rs 69.56 per litre, India's largest fuel retailer mentioned on its website.
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.
( : Clean Petrol, Diesel At Delhi Petrol Pumps)Also, at Rs 65.93 per litre, today'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.
( : Government Rules Out Excise Duty Cut To Cushion Petrol Prices)Domestic petrol and diesel prices have gone up sharply this year, following higher global crude prices.
The price of Brent crude - an international crude oil benchmark - has soared to $73-74 per barrel, its highest since November 2014.
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.The sharp rise in crude prices coupled with the rupee's depreciation against the US dollar, in addition to other concerns, are expected to negatively impact the oil marketing companies over the medium term, credit rating agency ICRA said in a report on Thursday."Higher petroleum product prices are expected to modestly impact the demand growth of petroleum products over the near to medium term.
Industrial consumers may face pressure on the profitability with rise in input prices of crude derivatives besides possible increase in power and fuel cost," ICRA noted.Domestic petrol and diesel prices are determined broadly by on the basis of global crude oil and rupee-dollar forex rates.(With agency inputs)