India’s state-run oil marketing companies revise petrol price on a daily basis all across the country beginning June 16 2017.
Prices of petrol and diesel are continuously increasing. Petrol and diesel prices increased by 7 paise while diesel rate increased by 10-11 paise across major cities of the country. According to Indian Oil website in Delhi, petrol price peaked to to Rs 72.24 while diesel price hiked to Rs 67.64 per.
Petrol price in Kolkata was hiked by 74.33 and Diesel price hiked to 69.33. In Chennai one litre of diesel costs Rs 71.38 and petrol price in Chennai 74.95.
Changing value equations are also reducing the difference in price between petrol and diesel in metro cities.
According to the dynamic pricing mechanism, the prices of domestic fuel depend on international fuel rates at the average of 15 days and the value of rupees.