The oil marketing companies (OMCs) kept the fuel rates unchanged on Wednesday across four metro cities after increasing the prices for eight consecutive days. Petrol price in Delhi stood at Rs. 74.13 per litre on Wednesday, and the price of diesel was at Rs. 67.07 per litre, according to Indian Oil Corporation. In Mumbai, petrol and diesel prices today were Rs. 79.79 per litre and Rs. 70.37 per litre respectively. The price of petrol was at Rs. 77.06 per in Chennai and Rs. 76.82 per litre in Kolkata. The rate of diesel was at Rs. 70.91 per litre in Chennai and Rs. 69.49 per litre in Kolkata.
The domestic prices of petrol and diesel vary from city to city, depending on local taxes and transportation cost.
Currently, petrol and diesel prices are reviewed by oil marketing companies on a daily basis, and any revisions effected at the fuel stations at 6 am. Domestic petrol and diesel prices are determined broadly by international crude oil prices and the rupee-dollar foreign exchange (forex) rate.
The rupee moved in a range of 71.00-71.13 against the dollar on Wednesday as against its previous close of 71.01. It was last seen trading 0.14 per cent lower at 71.11 against the greenback.
Globally, oil prices plunged more than 2 per cent on Tuesday to their lowest since the September 14 attacks on Saudi Arabia’s key oil facilities, after US President Donald Trump rekindled fears the US-China trade conflict that has crimped energy demand is far from over.
Oil prices had jumped by as much as 19 per cent early last week before coming off peaks. The attack on oilfields of Saudi Arabia over the previous weekend disrupted 5 per cent of global oil supply.
Source By NDTV