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For the 12th day in a row, the price of fuel increased. While the price of a litre of petrol went up by 53 paise, that of diesel increased by 60 paise. The prices of diesel and petrol went up by Rs.6.68 and Rs.6.53 respectively in the last 12 days.
The price of fuel had been hiked since June 7 citing the rise in price of crude oil in the international market. On June 6 the price of crude was $42 for a barrel and on June 12 it had dipped to $38 a barrel. But there was no change in the price of fuel in India despite the price of crude falling.
Brent crude was $39.35 a barrel on June 18. Fuel rates are revised at 06:00 hours every day in India. From June 2017, fuel prices in India are revised daily, and this is called the dynamic fuel price method. This makes sure that even a minute’s variation in global oil prices can be transmitted to fuel users and dealers. The Indian government has permitted oil marketing companies to determine the retail price of fuel based on currency exchange rate and fluctuations in international oil prices.
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