Petrol, Diesel Prices Hiked Again Even As Global Crude Prices Slip From Multi Year Highs

After holding prices steady for a day, oil marketing companies hiked petrol and diesel prices again today (June 18, 2021) by 26-27 paise and 28-30 paise per litre, respectively, taking auto fuel prices to fresh highs across metro cities.

Post the hike today, price of petrol and diesel in the country's 4 metro cities are as follows:

In June alone the price of petrol and diesel has been increased by up to Rs. 2.7 per litre, while the hike since May 3 is of Rs. 6.53.

Oil prices in the global market have slipped from multi-year highs after dollar strengthened post Fed meet outcome which signaled advancement of timeline for rate hike to as early as 2023. Also, demand concerns for the commodity again resurfaced as coronavirus cases in Britain increased. Brent futures declined $1.31, or 1.8%, to settle at $73.08 per barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.11, or 1.5%, to settle at $71.04.

Since 2017, state run oil retailers are following dynamic pricing model as per which fuel prices are revised everyday based on the average price of fuel in the global market in the previous fortnight and foreign exchange rates.

Fuel prices vary from state to state based on the local taxes including VAT and other charges.

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