Petrol, diesel prices stable for 19th day in a row

The oil marketing companies (OMCs) kept fuel prices unchanged for the 19th consecutive day on Tuesday.

Accordingly, the cost of one litre of petrol in Delhi currently stands at Rs 103.97 per litre and of diesel at Rs 86.67 per litre. In Mumbai, the petrol and diesel prices stand at Rs 109.98 per litre and Rs 94.14 per litre, respectively.

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.

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.

Earlier on November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels. After the excise rates were cut, several states and Union Territories also announced a cut in VAT rates on petrol and diesel, giving a big relief to consumers.

Globally, oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand, according to news agency Reuters.