You must be aware that the Indian government has already moved to daily price resetting for petrol and diesel in the last one year and the prices are reset by the oil marketing companies like BPCL, HPCL, and IOCL on a daily based on the back of movements in the global crude prices. The oil marketing companies use a formula wherein the prices get adjusted daily based on the landed cost of crude oil and the processing charges in India.

You must have noticed that the prices of petrol went as high as Rs.80/litre and then came down consistently over the next few days after the global crude prices started falling due to Aramco restoring production. Normally, the OMCs define a range within which the price change will not be triggered. It is only when the shift in crude prices crosses this range that the formula triggers a price change in the final price of petrol and diesel. To answer your question, watch for volatility in Brent Crude prices. If they stay in a range, then the impact on petrol and diesel price will not be too much. But if crude becomes volatile or even if dollar/rupee becomes volatile then you will find a lot of fluctuations in petrol and diesel prices in India.