In the national capital, the diesel price is at an all-time high while petrol price is the highest since August 2014. So far this year, including Friday's revision, petrol prices have gone up by Rs 1.73 per litre in Delhi, Rs 1.7 per litre in Kolkata, Rs 1.71 per litre in Mumbai and Rs 1.82 per litre in Chennai. Diesel rates are up by Rs 2.8 per litre in Delhi, Rs 2.8 per litre in Kolkata, Rs 3.23 per litre in Mumbai and Rs 3 per litre in Chennai, according to the Indian Oil website.
|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
In the international market, oil prices dropped more than 1 per cent as a bounce-back in US production outweighed ongoing declines in crude inventories. Traders said the lower prices were prompted by a recovery in US oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere.
From June 16, 2018, oil marketing companies - Indian Oil, HPCL and BPCL - adopted a new system of daily fuel price revisions, effective 6 am every day.
Domestic fuel prices are mostly determined by global crude prices, the dollar-rupee exchange rate and government taxes.
(With agency inputs)
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