Fuel prices remained unchanged on Thursday from their previous levels with petrol and diesel costing Rs 86.73 per litre and Rs 78.46 per litre, respectively in Mumbai.
The prices remained stable in other major cities too. In New Delhi, Kolkata and Chennai, petrol was at Rs 81.25 per litre, Rs 83.10 per litre and Rs 84.44 per litre, respectively, while diesel stood at Rs 74.85 a litre in New Delhi, Rs 76.70 per litre in Kolkata and Rs 79.15 a litre in Chennai.
As per the country's pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.
Global oil prices fell by around one percent on Thursday, coming under pressure from sharp sell-offs in global stock markets, with US stocks posting the biggest daily decline since 2011 to wipe out the year's gains. Front-month Brent crude oil futures were at $75.42 a barrel at 0043 GMT, 75 cents, or 1 percent below their last close.
Shares of oil marketing companies HPCL, IOC and BPCL surged up to 7.2 percent on Wednesday on falling global crude oil prices.
The scrip of Hindustan Petroleum Corporation Ltd jumped 7.16 percent, Indian Oil Corporation Ltd gained 5.54 percent and Bharat Petroleum Corporation Ltd rose by 4.74 percent on the BSE.
Since mid-August, petrol and diesel prices have been on the rise. This has been the longest, in the recent past, that the fuel prices have been slashed. Various factors including rupee depreciation, high excise duty and rise in brent crude oil rates have led to soaring domestic fuel prices.
Earlier this month, the government reduced excise duty on petrol and diesel by Rs 1.50 per litre and said the oil marketing companies (OMC) will absorb the impact to the tune of Re 1 per litre.