Every fortnight petrol and diesel prices are aligned with international fuel prices. Now on 16th June, 2015 fuel prices were revised in India from midnight onwards.
For the third time in a row petrol witnessed an increase in price. Indian Oil Companies have raised petrol price by 64 paise for a litre to adjust international fuel price.
Diesel prices on the other hand witnessed a drop in price. This has occurred for the second time since May, 2015. Diesel will now be cheaper by Rs 1.35 per litre and is on par with global diesel prices.
The exchange rate between US Dollar and Indian Rupee has also affected the alteration in fuel prices. Future price changes could be dramatic if exchange rate does not improve soon.
Currently Indian Oil Companies manage pricing of both petrol and diesel. The Indian Government has deregularised both fuels in the country and it is changes every 1st and 16th of every month to match global rates.