OMCs hold fuel price revision; Brent trades above $72/bbl

Oil marketing companies (OMC) kept the petrol and diesel prices unchanged for the fifth consecutive day on Friday even as the Brent crude on the Intercontinental Exchange was trading above the $72-per-barrel-mark.

In the national capital, petrol was sold for Rs 101.19 per litre. Similarly, price of the fuel in the other key metros of Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively.

In tandem with petrol price, diesel price also remained unchanged on Friday. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre respectively.

Global crude prices increased on Friday. The November contract of Brent crude on the Intercontinental Exchange is currently trading above the $72-per-barrel-mark.

Across the country as well, petrol and diesel prices remained static on Friday, 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 become 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.

However, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also made companies keep increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.