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.
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.
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 by them on a daily basis. The new prices becomes effective from morning at 6 a.m.
The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Fuel consumers can expected 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 is also affecting oil prices.
After touching $74 a barrel mark last week, benchmark Brent crude is marginally lower now at about $72 a barrel now.