State-run oil marketing companies kept the petrol and diesel rates unchanged for the fourteenth straight day on Tuesday, December 22. In the national capital, the price of petrol remained unchanged at ₹ 83.71 per litre, and diesel was constant at ₹ 73.87 per litre — the same level as on Monday, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, petrol and diesel rates were ₹ 90.34 per litre and ₹ 80.51 per litre respectively. The fuel prices in Mumbai are the highest among the four metros in the country.
Currently, the three oil marketing companies — Bharat Petroleum, Indian Oil, and Hindustan Petroleum — align the domestic fuel prices with that of global benchmarks by taking into account any alterations in foreign exchange rates. Any revisions in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state due to the value-added tax (VAT).
Brent crude futures, the global oil benchmark, fell by 0.21 per cent to $ 51.39 per barrel and the rupee rose marginally higher by three paise to settle at 73.56 on Friday, December 18.