Petrol and diesel rates in the country have remained unchanged for tenth day in a row. Even though unchanged for a while now price of petrol in most states and UTs has already breached record Rs. 100 per litre levels.
Fuel rates in the country are fixed by state run oil retailers and since 2017, these companies' have been following dynamic pricing model wherein prices are revised everyday at 6 am based on exchange rate as well as international crude rate in the previous fortnight.
In the international markets, WTI benchmark of crude has inched higher to $72.14 per barrel as investors see demand for the commodity to remain firm even as the rising delta variant cases is resulting in restrictions to curb its spread.
There is seen recovery in some of the major economies including the US and China which has helped in hoping for a higher fuel consumption as well as reduced stockpiles accumulated as a result of the pandemic.