Indian Oil Corp (IOC) Chairman, Sanjiv Singh stated that price of petrol and Diesel in India are to a greater extent linked with international rates.
As price in international markets rise or go down, change in domestic prices can be observed.
On a daily basis prices are being revised on 15- day rolling average rate of international benchmark. Often, crude oil prices rise but we hardly notice any change in product price.
States with oil companies gave away the 15 year old practice of refreshing the rates on 1st and 16 th of every month and instead adapted a dynamic daily practice to instantly reflect changes in the prices.
Petrol price has raised to the highest level from the day when BJP government took a step Towards it’s duties and Diesel touched a high record of RS 64 per litre.
A tremendous rise in price of petrol could be seen since mid of December.