Kolkata: A busy worker at a congested petrol pump
Oil marketing companies (OMCs) on Tuesday kept pump prices of auto fuels – petrol and diesel – unchanged for the second day in a row without any revision, and decided to take a closer look at the global oil situation before making further changes.
Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per liter in Delhi, according to Indian Oil Corporation, the country’s largest fuel retailer.
In Mumbai, petrol price stood steady at Rs 107.26 per liter on Tuesday, while diesel rates also remained unchanged at Rs 96.19 per litre.
Petrol and diesel prices across the country also remained stable on Tuesday, but their retail rates varied depending on the level of local taxes in a particular state.
As per the pricing formula adopted by the oil companies, the rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices are effective from 6 am
The daily review and revision of prices is based on the average price of the benchmark fuel in the international market and foreign exchange rates over the past 15 days.
Fuel consumers can expect no change in fuel prices or some respite in the coming days as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually increase production levels to prevent price hikes. The worry on demand due to the pandemic is also affecting oil prices.
After touching $74 a barrel last week, benchmark Brent crude is now marginally lower at $72 a barrel.
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