Indian oil refiners who have since June 15, 2017, have followed a dynamic pricing model with daily price revision of petrol and diesel price the fuel in domestic markets with a lag of a fortnight. And after Saudi Arabia's attack, prices which showed resilience in the international markets and as the nation ushered that the original oil production has been restored, the price of fuel both petrol and diesel still continued to be on the higher side.
Nonetheless, after a gap of almost 21 days since the attack, the price of petrol and diesel have seen some declining trend. And now international prices go hand in hand with domestic fuel price, wherein the price of petrol fell by 10 paise a litre while diesel by 6 paise a litre today.
As of today, a litre of petrol costs Rs. 74.51 in Delhi, Rs. 80.11 in Mumbai, Rs. 77 in Bengaluru, Diesel, on the other hand, costs Rs. 67.43 a litre in Delhi, Rs. 70.69 in Mumbai, Rs. 69.67 in Bengaluru.
Crude is on a declining price trend and has reduced in price to its lowest in 2 months.
Brent crude oil futures edged 10 cents higher, or 0.2%, to $57.79 a barrel by 0209 GMT, after tumbling 2% in the previous session. US West Texas Intermediate (WTI) crude futures were up 23 cents, or 0.4%, to $52.87 a barrel, after sinking by 1.8% on Wednesday.
Meanwhile, the foreign exchange rate which also has its impact casts on the fuel price deteriorated to 71.35 levels per dollar due to unabated foreign fund outflow.