Petrol, diesel prices unchanged for 4th straight day

New Delhi, Sep 9 (IANS) Oil marketing companies (OMCs) continued to press the pause button on the revision of fuel prices on Thursday across the four metros.

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.

Across the country as well petrol and diesel prices remained static on Thursday, 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 the increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.

Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of a cut in days ahead as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.

After touching $74 a barrel-mark last week, benchmark Brent crude is marginally lower now at over $72 a barrel.

In tandem with petrol prices, diesel prices also were unchanged on Thursday. 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.