INSUBCONTINENT EXCLUSIVE:
Domestic petrol and diesel are determined broadly by global oil prices and forex pricesPetrol and diesel prices were increased on Tuesday,
the seventeenth straight hike since state-owned oil companies returned to the normal practice of daily reviews following a 12-week pause
While the price of petrol was revised to Rs 79.76 per litre in the national capital, from Rs 79.56 per litre the previous day, the diesel
rate was increased to Rs 79.40 per litre from Rs 78.85 per litre, according to notifications from state-run Indian Oil Corporation, the
country's largest fuel retailer. (: How To Find Latest Petrol, Diesel Rates In Your City) In the 17-day period, the price of petrol has
been increased by a cumulative Rs 9.41 per litre in the national capital, and diesel by Rs 9.10 per
litre. CityPetrolDieselDelhi79.7679.40Kolkata81.4574.63Mumbai86.5477.76Chennai83.0476.77(Source: Indian Oil)Domestic petrol and diesel
prices are determined broadly by crude oil and forex rates, and vary from state to state due to value added tax (VAT).International crude
oil prices have regained some ground from March lows as the easing of restrictions on transport and industrial activity around the globe
Brent crude futures - the global benchmark for crude oil - quoted around $42 per barrel on Tuesday, compared to the 21-year low of $15.98
recorded in April.The rupee moved in a range of 75.75-75.89 against the US dollar on Tuesday, having started the session stronger at 75.85
compared to its previous close of 76.02
At Tuesday's close, the rupee is down 6.54 per cent against the greenback so far this year.On June 7, state-run oil marketing companies
Indian Oil, Hindustan Petroleum and Bharat Petroleum - which account for the majority of petrol and diesel outlets in the country
- restarted the normal system of daily price reviews in line with costs following an 82-day hiatus.
