Hike in petrol prices
Posted on: 15/Dec/2016 11:56:36 AM
Rates of petroleum products in India are determined based on the the price of crude oil in international market.
Twice a month, on 15 and 30/31, oil companies either hike or reduce the prices of fuel in India depending on the international market and the INR-USD exchange rate.
The price of crude oil in international market has gone very high. Last month a barrel of crude oil was sold for USD 44.46. Yesterday the price of a barrel was sold for USD 53.78.
Fuel prices are a function of the international crude prices, the crack (difference between crude oil and refined product price) and the exchange rate,
Petrol and diesel prices may see a big increase of Rs 5 to Rs 6 per litre on Thursday midnight as international prices of crude have soared.
