Fuel shocker! This is why petrol prices are going to surge high

Global crude prices are on the upswing and may soon set domestic petrol and diesel prices on fire.

Last Updated: Jun 10, 2016, 17:42 PM IST
Fuel shocker! This is why petrol prices are going to surge high

Zee Media Bureau

New Delhi: Global crude prices are on the upswing and may soon set domestic petrol and diesel prices on fire.

Brent crude climbed as much as 2.1 per cent to touch $52.54, the highest price since last October.

Considering that Indian crude basket prices are taking cues from the global prices, and have risen around 5 percent since May 31, when the last revision took place, the oil marketing companies are most likely to increase the petrol, diesel price on retail front by around 5 percent or Rs 3.

On May 30, Indian crude oil basket was Rs 3133.13 per barrel, which rose to Rs 3287.65 per barrel on June 9, a spike of around 5 percent.

So, it is expected the petrol and diesel and petrol prices are again set to spike in the fortnightly review meeting of the oil marketing companies which is next expected on June 15.  

Petrol price rise over 1 month
Date  Petrol Price( Rs) Change in price( Rs)
31 May 65.60 2.58
17 May 63.02 0.83
1 May 62.19 1.06

 

Diesel price rise over 1 month
Date Diesel Price( Rs) Change in price( Rs)
31 May 53.93 2.26
17 May 51. 67 1.26
7 May  50.41 -0.54
1 May 50.95 2.94