INSUBCONTINENT EXCLUSIVE:
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
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,
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
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, 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
(Also read: 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)
