Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system from June 2017.
Petrol and diesel rates were changed marginally across Delhi, Kolkata, Mumbai and Chennai on Thursday. Petrol prices and diesel prices in the four metros went up by 6-11 paise per litre. Effective 6 am, Thursday, petrol rates were at Rs. 71.57 per litre in Delhi, Rs. 74.32 per litre in Kolkata, Rs. 79.45 per litre in Mumbai and Rs. 74.21 per litre in Chennai, according to Indian Oil Corporation's website - iocl.com. Diesel rates were at Rs. 62.25 per litre in Delhi, Rs. 64.94 per litre in Kolkata, Rs. 66.3 per litre in Mumbai and Rs. 65.63 per litre in Chennai, according to Indian Oil Corporation - the country's largest fuel retailer.
Here are 10 things to know on petrol and diesel rates on March 1, 2018:
1.
Petrol (Rs. per litre)
1-Mar 28-Feb 31-Dec 1-Jun-17
Delhi 71.57 71.51 69.97 66.91
Kolkata 74.32 74.26 72.72 69.52
Mumbai 79.45 79.39 77.87 78.44
Chennai 74.21 74.15 72.53 69.93
Diesel (Rs. per litre)
Delhi 62.25 62.15 59.64 55.94
Kolkata 64.94 64.84 62.3 58.28
Mumbai 66.3 66.19 63.27 61.67
Chennai 65.63 65.52 62.83 59.22
(Source: iocl.com)
2. On February 28, the prices were steady across Delhi, Kolkata, Mumbai and Chennai compared to the previous day. On that day, petrol retailed at Rs. 71.51 per litre in Delhi, Rs. 74.26 per litre in Kolkata, Rs. 79.39 per litre in Mumbai and Rs. 74.15 per litre in Chennai. Diesel was sold at Rs. 62.15 per litre, Rs. 64.84 per litre, Rs. 66.19 per litre and Rs. 65.52 per litre respectively.
3. In February, petrol rates were lowered by a cumulative Rs. 1.36-1.48 per litre in the four metros. Diesel rates were brought down by Rs. 1.83-1.98 per litre during this period.
4. So far this year, petrol prices have however gone up by Rs. 1.58-1.68 per litre across the four metros. Diesel prices have been increased by Rs. 2.61-3.03 per litre during this period.
5. Petrol and diesel rates are revised with effect from 6 am every day.
6. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system from June 2017.
7. Since June 1, 2017, petrol rates are up by Rs. 4.66 per litre in Delhi, Rs. 4.8 per litre in Kolkata, Rs. 1.01 per litre in Mumbai and Rs. 4.28 per litre in Chennai. Diesel rates are up by Rs. 6.31 per litre, Rs. 6.66 per litre, Rs. 4.63 per litre and Rs. 6.41 per litre respectively.
8. In the current scheme of petrol and diesel price revision, the prices of the two fuels are determined broadly by the global crude oil rates and the rupee-dollar exchange rate.
9. International crude oil prices were little changed on Thursday after falling in the previous two sessions. Both global benchmark oil futures had declined sharply on Wednesday after crude and gasoline inventories in the US rose unexpectedly.
10. The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, is doing its part to keep a lid on prices. The group's oil output fell in February to a 10-month low as the United Arab Emirates joined other Gulf members in over-delivering on the reduction pact, a Reuters survey found on Wednesday.
