Pay much more at fuel stations now; petrol price in India hit a 55-month high, diesel rate at lifetime high now

Petrol price in India today: Petrol rates today hit a 55-month high, while diesel ones hit an all-time high amid a strong surge in global crude prices. Brent crude oil futures continued trading close to late-2014 highs, above $73, as ongoing OPEC-led supply cuts as well as strong demand gradually draw down excess supplies. Brent hit its highest levels since November 2014 on Thursday, at $74.75 
 
Oil companies like Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL) decide the final retail petrol price by taking into consideration the international crude basket, plus states’ Value Added Tax (VAT) and the government's excise duty. 
 
Petrol price in New Delhi today: The petrol price here stood at Rs 74.08, up 1 paise from the previous day price. The current price is the highest since September 2013, according to Indian Oil website. Diesel prices went up by 4 paise to its record high of Rs 65.31.
 
Petrol price in Kolkata today: Petrol rates stood at Rs 76.78 per litre, and diesel rates were at Rs 68.01.  

In Mumbai and Chennai, petrol prices were at Rs 81.93 and Rs 76.85, respectively. 

Global oil prices have been pushed up by a gradually tightening market. Led by top exporter Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC), has been withholding production since 2017 to draw down a global supply overhang that had depressed crude prices between 2014 and 2016, reported Reuters. 

Indian oil marketing companies IOC, HPCL and BPCL revise petrol and diesel prices on daily basis after the 15-year old practice of revising rates on the 1st and 16th of every month was done away with last year in June.

According to reports, the government has asked OMCs to absorb any hike in global oil prices and not pass that on to consumers.