Petrol prices remained unchanged for a third consecutive day, while diesel prices inched up between 5-6 paise across major cities on Thursday. Petrol prices in Mumbai stood at Rs 76.08 a litre, and diesel rates were at Rs 68.65 per litre.
According to the Indian Oil Corp data, petrol rates in New Delhi were at Rs 70.44 per litre, and diesel prices at Rs 65.56 per litre. In Kolkata and Chennai, petrol rates were Rs 72.55 per litre and Rs 73.11 per litre, respectively, while diesel prices stood at Rs 67.34 a litre in Kolkata and Rs 69.25 a litre in Chennai.
Transport fuel rates were hiked sharply on January 13 as global crude oil rates continued to climb handsomely following the implementation of output cuts by global oil producers from January 1.
US West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 0036 GMT, down 19 cents, or 0.35 percent, from their last settlement. International Brent crude oil futures had yet to trade.
Mirroring the rise, state-run oil marketing companies increased petrol rates by 23 paise per litre while diesel prices went up by 29-31 paise across the four major metros.
Petrol and diesel prices have increased by more than Rs 2 per litre each in January.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Retail pump price is calculated after adding central excise duty, dealers commission and value-added tax (VAT) to the base price.
(With inputs from agencies)