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No revision in petrol, diesel prices for 3rd consecutive day

The price of petrol and diesel remained unchanged at Rs 101.34 and Rs 88.77 per litre in Delhi, as per the Indian Oil Corporation, the country’s largest fuel retailer.

IANS | New Delhi |

Oil marketing companies (OMCs) have kept pump prices of auto fuels petrol and diesel unchanged on Saturday, the third consecutive day of no revision as companies decided to wait and watch the global oil situation.

Despite remaining unchanged for the third consecutive day, the prices of petrol and diesel are soaring at an all-time high in all the four metro cities.

Accordingly, the price of petrol and diesel remained unchanged at Rs 101.34 and Rs 88.77 per litre in Delhi, as per the Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price is stable at Rs 107.39 per litre, while diesel rates also remain unchanged at Rs 96.33 a litre.

Meanwhile, in Chennai, where petrol prices were reduced by Rs 3 per litre recently, petrol prices stand at Rs 99.08 per litre and diesel is available at Rs 93.38 per litre. In Kolkata, petrol is being sold at Rs 101.72 per litre and the rate of a litre of diesel is retailing at Rs 91.84.

Across the country as well, the prices remained static on Saturday but their retail rates varied depending on the level of local taxes in a particular state.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised on a daily basis. The new prices become effective from the morning at 6 a.m.

The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of cut in days ahead as global oil is expected to remain soft.

Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic are also affecting oil prices.

After touching the $74 a barrel mark last week, benchmark Brent crude is marginally lower now at about $72 a barrel now.