State-run oil marketing companies kept the petrol and diesel rates unchanged for the sixteenth straight day on Thursday, December 24. In the national capital, the price of petrol remained unchanged at Rs 83.71 per litre, and diesel was constant at Rs 73.87 per litre — the same level as on Wednesday, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, petrol and diesel rates were Rs 90.34 per litre and Rs 80.51 per litre respectively. The fuel prices in Mumbai are the highest among the four metros in the country. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
|Source: Indian Oil|
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.
Meanwhile, oil prices rose more than 2 per cent on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand.
Brent crude futures rose $1.12, or 2.2 per cent, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3 per cent, to settle at $48.12 a barrel.