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Petrol, diesel prices remain steady, provide relief to consumers

With no revision for the 18th consecutive day, the price of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi.

IANS | New Delhi |

Auto fuel prices in the country have maintained stability amidst volatility in global oil prices. The oil marketing companies (OMCs) on Thursday kept pump prices of auto fuels petrol and diesel unchanged, the 18th consecutive day of no revision, as they preferred to maintain their watch prices on the global oil situation before making any revision in prices.

The wait and watch plan of OMCs has come to the relief of consumers as no revision has come during a period when crude prices were on the rise over a shortfall in US production and demand pick up. This would have necessitated about Re 1 increase in the price of petrol and diesel.

With no revision on Thursday, the price of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi.

In Mumbai, the petrol price was stable at Rs 107.26 per litre, while diesel rates also remain unchanged at Rs 96.19 a litre.

Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax or VAT.

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

Fuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but have largely remained stable.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in international markets as well as the rupee-dollar exchange rates. Any changes in petrol, diesel prices are implemented with effect from 6 am every day.

Meanwhile, oil prices settled higher on Wednesday after U.S crude stocks fell to their lowest levels in three years as refining activity recovered from recent storms.