Do You Know Petrol Prices Are The Highest In Last 3 Years? | ChandigarhX

The nation has been so gripped to Baba Gurmeet Ram Rahim Singh’s conviction and sentencing for past many days that we didn’t even notice where oil prices in the country are going.

Petrol prices is hovering at the highest rate in last 3 years, and that of diesel, the highest in last 4 months.

Since July, the petrol price has been hiked by Rs. 6 per litre and diesel price has increased by Rs 3.67 a litre.

From June 2017, state-owned oil companies adopted the international practice of revising petrol and diesel prices daily as per rates in international market. Earlier for last 15 years, rates were revised on 1st and 16th of every month.

HOW HAS BEEN THE TREND OF RATES?

From May 1, 2017 the dynamic oil price revision was implemented on a pilot basis in 5 cities including Chandigarh. After successful results here, it was implemented across India.

The three state-owned fuel retailers, Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), revise the retail selling price (RSP) of petrol and diesel daily.

According to Times of India report, the rates of diesel have seen many reductions on many occasions, but not petrol. Petrol prices has been on an upswing. Earlier any downswing in the rates was due to softening international oil prices but since July 3 been on the rise.

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Do You Know Petrol Prices Are The Highest In Last 3 Years? – ChandigarhX.