Oil marketing companies adopted the daily price revision system from June last year.
Besides global oil price and the rupee-dollar exchange rate, government levies also determine the final prices consumers pay at the pump. Petrol prices have gone up by over Rs 2 and diesel by Rs 3 since the start of this year amid rising global oil prices.
Since January 1, petrol prices in Delhi are up by Rs 2.35 per litre, by Rs 2.34 in Kolkata by Rs 2.32 in Mumbai and Rs 2.47 in Chennai, according to Indian Oil's website.
Since January 1, diesel prices in Delhi are up by Rs 3.25 in Delhi, Rs 3.28 in Kolkata, Rs 3.7 in Mumbai and Rs 3.48 in Chennai.
|Metros||Non-Branded Petrol Prices (Rs) On 5/3/2018||Rates on 4/3/2018|
|Metros||Non-Branded Diesel Prices (Rs) On 5/3/2018||Rates on 4/3/2018|
Global oil prices rose today ahead of a meeting between OPEC and US shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. International benchmark Brent crude was up 44 cents, or 0.68 per cent, at $64.81 a barrel.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.
Rising U.S. shale oil production has been a drag on the OPEC's commitment to erode a prolonged global oil glut and prop up prices. US crude oil production has already risen past that of top exporter Saudi Arabia, to 10.28 million barrels per day (bpd).
Only Russia pumps slightly more, but the International Energy Agency (IEA) said last week it expects the United States to take Russia's seat as the world's biggest crude oil producer by 2019, at the latest. (With Agency Inputs)