- On May 14, petrol retailed at Rs 74.8 per litre in Delhi, Rs 77.5 per litre in Kolkata, Rs 82.65 per litre in Mumbai and Rs 77.61 per litre in Chennai. Diesel prices were at Rs 66.14 per litre, Rs 68.68 per litre, Rs 70.43 per litre and Rs 69.79 per litre respectively. (Also read: Clean Petrol, Diesel At Delhi Petrol Pumps)
- Those prices took effect on 6:00 am on Monday, according to Indian Oil.
- Currently, petrol and diesel prices are reviewed on a daily basis, and the rates are implemented in fuel stations with effect from 6 am every morning. That is part of a new system price revisions adopted by state-run oil marketing companies in June 2017. (Also read: Government Rules Out Excise Duty Cut To Cushion Petrol Prices)
- Indian Oil chairman Sanjiv Singh had last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers, according to news agency Press Trust of India.
- Global crude oil prices have risen over the past few months, to trade near 2014 highs.
- Domestic petrol and diesel prices are determined broadly by global crude oil and rupee-dollar forex rates.
- So far this year, petrol prices have risen by Rs 4.83 per litre in Delhi, Rs 4.78 per litre in Kolkata, Rs 4.78 per litre in Mumbai and Rs 5.08 per litre in Chennai, data from Indian Oil showed. Diesel prices have gone up by Rs 6.5 per litre, Rs 6.38 per litre, Rs 7.16 per litre and Rs 6.96 per litre respectively.
- During this period, the rupee has weakened more than 5 per cent against the US dollar.
- Weakness in the rupee against the greenback makes import of crude oil more expensive for Indian companies. Crude oil is the biggest item on the import bill of India, which imports more than 80 per cent of its crude oil requirements.
- In the current financial year, which started on April 1, 2018, petrol prices have risen by Rs 1.24-1.32 per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices have gone up by Rs 1.59-1.86 per litre.
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