The idea of daily revision was to link it with continuous change in global crude oil price.
The conclusion of Karnataka polls continues to bring crude shock for the common man with the price of petrol and diesel increasing by 15 paise and 22 paise, respectively, in Delhi. Diesel prices have risen by 70-93 paise per litre during the same period.
Petrol reached over Rs75-mark in Delhi selling at Rs 75.10 today in the national capital.
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The previous prices recorded in these cities was Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013), according to IANS.
Petrol and diesel prices are now revised on a daily basis.
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Global crude prices had been rising over fears that the sanctions by the U.S. on Iran, one of the biggest producers in the Middle East, could limit crude exports from the country.
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With elections in Karnataka concluding, other states like Mizoram, Chhattisgarh, Madhya Pradesh and Rajasthan are next in line for state legislative assembly elections, before the country gets ready for general elections in 2019.
The price hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon. "The recent trend of consistent depreciation in Indian rupee against U.S. dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia.
Though retail petrol and diesel prices in India follow worldwide movement of product prices, any developments on crude oil front also impacts product pricing. The exchange rate of the Indian currency also plays a role in the price hike.
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