Fuel rates in India are on a boil and have now surged for the second straight session today. Here are the rates of petrol and diesel in metros today:
|Delhi||Rs. 94.76||Rs. 85.66|
|Mumbai||Rs. 100.98||Rs. 92.99|
|Chennai||Rs. 96.23||Rs. 90.38|
|Kolkata||Rs. 94.76||Rs. 88.51|
Now, since mid May 2017, OMCs in which set fuel rates are following the dynamic pricing model and revising prices everyday basis the international rates.
Currently, as demand recovery hopes get robust owing to the lifting of lockdown worldwide, crude oil prices are on a boil and quotes at a price of close to $72 per barrel on Brent crude.
Further as the relief from higher fuel price is unlikely to come any time soon, there is a threat of its cascading impact on other commodities which shall see a price rise. This is the reason why the RBI governor also insisted on reducing taxes on fuel.