Since June 15, 2016, auto fuel price follows the dynamic model and their price is revised on a daily basis in line with international pricing. And as brent crude futures are trading on the higher end i.e. at more than $63 per barrel, petrol price has been rising for 5-consecutive days.
Crude oil in international market was stagnant and held back previous gains on the back of optimism of a likely initial trade deal between the US and China. In the ongoing month, brent crude has scaled higher by $3 per barrel. Further direction for the oil market remains to be the next upcoming OPEC meet scheduled to be held next week in Vienna.
On Tuesday, after a surge of 10 paise per litre, petrol is quoting at Rs. 74.6 per litre in Delhi, while in Mumbai it is priced at Rs. 80.42 per litre.
Diesel has remained static in price today and 1 litre of diesel in Delhi and Mumbai is available for Rs. 65.73 and Rs. 68.94 per litre, respectively. Notably, while petrol has increased in price in the last few days, diesel has fallen in price.
In November itself, the price of petrol has surged by Rs. 2 per litre.