Petrol and diesel prices today were hiked in the range of 19-31 paise per litre across Delhi, Kolkata, Mumbai and Chennai, marking the eleventh straight day of hikes in the prices of petrol and diesel. Domestic petrol and diesel prices are determined broadly by crude oil price in the international market and the rupee-dollar exchange rate. The continuous increase in domestic petrol and diesel prices is attributable to the rally in crude oil in past few weeks, coupled with weakening of the rupee against the US dollar, say analysts. The government has indicated a likely intervention in the coming days to curb the soaring petrol and diesel rates.
