On May 21, prices of both petrol and diesel have been hiked by 19 paise and 29 paise, respectively. After the hike, price of both the fuel in Delhi are at 93.04 pr litre for petrol and diesel is priced at Rs. 83.8
For past few days, the rates have been static and now again have risen to just close to breaching Rs. 100 per litre price in Mumbai.
Since May of 2017, the prices of fuel have been following the dynamic pricing model wherein now prices have started to be revised everyday based on international crude rates.
Notably both Indian dollar exchange rate as well as crude rates abroad influence fuel prices in India.
In international markets too crude has again surged high on new supplies from Iran. Brent crude futures for July rose 10 cents, or 0.2 percent, to USD 65.21 a barrel by 0032 GMT while US West Texas Intermediate for July was at USD 62.16 a barrel, up 22 cents, or 0.4 percent.