The international crude oil prices have declined substantially since 2014. In spite of this, the prices of petrol and diesel in India have increased.In March 2014, when the crude oil price was above $ 100 per barrel, the retail price of petrol was Rs. 73.16 per litre in Delhi. In September 2017, when the crude oil price has declined to $ 50 per barrel, the retail price of petrol has remained nearly the same at Rs. 70.30
The Government deregulated the petrol price in 2010 and the diesel price in 2014. It allowed OMCs ( like Indian Oil Corporation and Bharat Petroleum) to determine the prices of these fuels based on market considerations. To lower or not lower the price of fuel, is the conundrum for this government. The price of petrol and diesel has reached its peak and what is surprising for the common man is that these prices are associated with crude oil prices at just above $80 a barrel.
Petrol rates were hiked by 11 paise a litre and diesel by 5 paise, according to price notification of state-owned oil firms
The hike pushed petrol price in Delhi to Rs 82.72 per litre and diesel to Rs 74.02
NEW DELHI: Petrol rates on Monday crossed the Rs 90-mark in Mumbai as a dip in the value of rupee and rise in international oil prices pushed rates across the country to new all-time high.
Petrol prices were hiked by 11 paise per litre and diesel by 5 paise, according to price notification of state-owned oil firms.
The hike pushed petrol price in Delhi to Rs 82.72 per litre and diesel to Rs 74.02.
In Mumbai, petrol crossed Rs 90-mark for the first time ever. The fuel now costs Rs 90.08 at Indian Oil Corp (IOC) outlets in the city while it is priced at Rs 90.17 at Hindustan Petroleum Corp Ltd (HPCL) outlets and Rs 90.14 at Bharat Petroleum Corp Ltd (BPCL) stations.
