BENGALURU: In a span of three months, petrol prices have touched the highest in Bengaluru on Wednesday at Rs 71.47 per litre. As on July 3, it was priced at Rs 64.33 per litre.
Since June this year, fuel prices have been fluctuating every day based on the average international crude oil and foreign exchange rates. “Customers would realise the price change when the revision was fortnightly earlier. With everyday revision it is dependent on the international crude oil rates and is not notified on an everyday basis,” said a member of the All India Petroleum Dealers Association. He also said that the Union government is contemplating on ensuring that any further hike in prices is not passed on to customers but is borne by the oil marketing companies instead.
Meanwhile, Union minister for Petroleum and Natural Gas, Dharmendra Pradhan, who was criticised on social media for the price hike, took to Twitter and said, “Prices of petrol/diesel are linked with the product prices in the international market. Crude price is just one component of it. Prices have stabilised & will soften in the coming days. With Daily Price Revision in place, it will be immediately passed on to consumers.”