This increase in petrol price has come after 2 months as prices have been only decreasing since October 18.
The increase in petrol price has come a day after the results of Assembly election were declared for 5 states – Madhya Pradesh, Rajasthan, Chhattisgarh, Mizoram and Telangana.
The retail selling price of petrol and diesel in India is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. India imports bulk of its oil requirement through imports.
Soon after the results were out, there was a considerable fall in rupee value as it fell by Rs1.10. Even the sensex observed a huge fall soon after the results were out.