Global oil prices are at their highest level in over two years amid political upheaval in Saudi Arabia though they eased slightly on Tuesday. Brent crude futures settled down 58 cents, or 0.9 per cent, at $63.69 a barrel, having climbed 3.5 per cent on Monday.
Latest Petrol, Diesel Prices In Metros
| Petrol | Nov-08 | Nov-07 | Oct-31 |
| Delhi | 69.8 | 69.8 | 69.13 |
| Kolkata | 72.55 | 72.55 | 71.9 |
| Mumbai | 76.9 | 76.9 | 76.24 |
| Chennai | 72.35 | 72.35 | 71.64 |
| Diesel | Nov-08 | Nov-07 | Oct-31 |
| Delhi | 58.26 | 58.26 | 57.7 |
| Kolkata | 60.92 | 60.92 | 60.36 |
| Mumbai | 60.89 | 60.89 | 60.29 |
| Chennai | 61.36 | 61.36 | 60.76 |
(Petrol and diesel rates effective 6 am November 8 as shared by IOC on its website)
Petrol and diesel prices are currently revised at 6 am on a daily basis. So far this month, petrol rates have been raised by 67-71 paise per litre while diesel rates increased by 56-60 paise per litre, according to Indian Oil Corp, the country's largest fuel retailer.
Daily petrol, diesel price revisions
Prior to June 16, 2017, petrol rates and diesel rates were revised every fortnight based on changes in global crude oil price and interbank foreign exchange rate of rupee vs dollar. Oil marketing companies adopted the daily price revision system to immediately pass on any movement in international oil prices to consumers and avoid sharp spikes by spreading them in small doses.
Petrol and diesel don't come under the ambit of GST (Goods and Services Tax). Global prices, excise duty and VAT determine the domestic price of petrol and diesel. India relies on imports to meet 80 per cent of its needs.
