Petrol, diesel rates after having risen to historic highs and petrol now costing more than Rs. 100 in major Indian cities, is unmoved now for 14 straight days. This is as on expected lines.
State run oil retailers, including the likes of HPCL, IOC and BPCL change rates on a daily basis at 6 am. This dynamic pricing model has been followed ever since 2017 and as per it rates are revised basis the international crude rates in the previous fortnight and foreign exchange rate.
Notably, in the international market, WTI benchmark of crude is up by 0.14% at $73.72 per bbl, while the Brent benchmark is also above $75 levels. The increasing demand for the commodity is pushing the crude rates higher internationally.
Note after the relentless price hike, petrol in Delhi is retailing at Rs. 101.84 per litre, while diesel is available for Rs. 89.87 per litre.