The oil marketing companies reduced prices of petrol and diesel by up to 15 paise on Wednesday after keeping them unchanged for seven straight days.
Accordingly, the price of petrol and diesel was cut to Rs 101.34 and Rs 88.77 per litre respectively in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price was decreased to Rs 107.39 per litre on Wednesday. The cost of diesel was dropped to Rs 96.33 a litre.
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The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil Corporation Limited (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Globally, oil settled down 1 percent on Tuesday, posting its first monthly loss since March, as demand is expected to drop after Hurricane Ida shuttered U.S. Gulf refineries, according to news agency Reuters.
(Edited by : Anshul)
First Published: IST