Currently, state-run oil marketing companies revise fuel prices with effect from 6 am on a daily basis.
The oil marketing companies (OMCs) kept the fuel rates unchanged on Tuesday across four metro cities after increasing it in the range of 5-6 paise per litre on Monday. Currently, state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise petrol and diesel prices with effect from 6 am on a daily basis. As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a fifteen-day average and the value of the rupee.
With effect from 6 am on February 12, petrol prices were at Rs 70.33 per litre in Delhi, Rs 72.44 per litre in Kolkata, Rs. 75.97 per litre in Mumbai and Rs. 73.00 per litre in Chennai, according to Indian Oil Corporation – the country’s largest fuel retailer.
Diesel prices stood at Rs. 65.62 per litre, Rs. 67.40 per litre, Rs. 68.71 per litre and Rs. 69.32 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.
The fuel rates vary from city to city and from pump to pump depending on local taxes and transportation cost.
Globally, oil prices rose on Tuesday amid Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts and US sanctions against Iran and Venezuela, although analysts expect surging U.S. production and concerns over economic growth to keep markets in check. Brent crude futures – the international benchmark for crude oil – were up 50 cents, or 0.8 per cent, at $62.01 per barrel.
(With inputs from agencies)