Even as global crude oil price scaled another 4.5% to scale to $70 per barrel mark after Iran retaliated to US air strike with missile attack on US led forces in Iraq, domestic auto fuel prices remained static. International Brent crude oil futures were trading at USD 69.83 per barrel, up by USD 1.56, or 2.3 per cent, from their last close. West Texas Intermediate (WTI) crude futures went up by USD 1.25, or 2 per cent, to USD 63.95 per barrel.
The steadiness in petrol and diesel prices comes after 6 consecutive days of hike. In national capital Delhi, a litre of petrol today costs Rs 75.74 while diesel costs Rs 68.79 per litre. The fuel price are the cheapest in Delhi owing to lower taxes.
So, far during the month on rising geopolitical tensions between the US and Iran which resulted in the killing of one of the chief general of the latter, crude prices soared past $70 levels. And citing disruption in supply as well as global oil price hike, prices in domestic market also took a hit.
The prices of petrol and diesel are following the dynamic model since June 15, 2017 and are dependent on global rates as well as rupee dollar exchange rate.