A day after reducing petrol and diesel prices by up to 20 paise per litre, the Oil marketing companies (OMC) on Monday kept auto fuel prices unchanged to further review the global oil price movement before making any changes in the domestic market.
Accordingly, petrol continues to be priced at Rs 101.64 a litre and diesel Rs 89.07 a litre in Delhi, the same level as Sunday.
Across the country as well fuel prices remained unchanged but its retail rate varied depending on the level of local taxes in states.
Petrol prices in Mumbai and Kolkata remained at Rs 107.66 and Rs 101.93 per litre respectively while in Chennai, petrol was priced at Rs 99.32. In the Tamil Nadu capital, petrol prices fell by almost Rs 3 per litre on August 14 after the state government cut VAT on the fuel.
Similarly, diesel prices in Mumbai, Chennai and Kolkata remained at Rs 96.64, Rs 93.66 and Rs 92.13 per litre, respectively.
This cut in fuel prices on Sunday came amid declining global crude oil prices. The October contract of Brent crude oil on the Intercontinental Exchange (ICE) was trading at $65.18.
The pump prices of auto fuels have been static since July 18.
The long price pause for auto fuels came after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 8.74 per litre in the national capital.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise fuel rates on a daily basis, considering the crude oil prices in international markets and the rupee-dollar exchange rates. Any changes in petrol, diesel prices are implemented with effect from 6 am each day.
Meanwhile, oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels.