In line with global crude oil price which traded near the highest level in 3 months, petrol in India has scaled higher in price to a one-year high level. In the national capital, petrol on Monday is retailing at Rs. 75 per litre, while it is priced Rs. 80.65 per litre in Mumbai.
Diesel in New Delhi quoted at Rs. 66.04 per litre whereas in Mumbai it is available for Rs. 69.27.
The rates of auto fuel both petrol and diesel is set to increase further as Saudi Arabia over the weekend surprised markets with a substantial production curb in contrast to what was agreed upon with other OPEC member nations. The kingdom pledged to supply 400,000 barrels per day, which is lower than decided by OPEC and translates to total production cut of 2.1 million barrels per day for the OPEC group.
Since June 15, 2017, petrol and diesel are following dynamic pricing model wherein prices of these commodities are revised on a daily basis at 6 am based on the international crude oil rates.