Petrol and diesel prices have hit an all time high in 3 years in some cities in the country. The sharo rise in the prices is seen following a surge in international pricing driven by the storms, hurricane causing shut down of refinery capacity in the United States.
Petrol prices in Mumbai rose to its highest since August 2014 to Rs 79.48 per litre and Rs 70.3 per litre in Delhi.
It is also to be notes that India had moved towards dynamic pricing, a pricing system which is reviewed on daily basis.
Previously in May 2017, the daily revision of Retail Selling Prices (RSP) was implemented on a pilot basis in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh, and Puducherry. Following this experiment, Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd, and Bharat Petroleum Corporation Ltd decided to implement it across the country from June 15.For all the latest Business News, download NewsX App