OMCs keep fuel prices unchanged for fifth consecutive day
For the fifth consecutive day, Oil Marketing Companies kept the petrol and diesel prices unchanged on Friday. Brent crude on the Intercontinental Exchange was trading above the $72-per-barrel-mark, as global crude oil prices saw a rise.
Petrol prices stood above the 100 rupee mark in most metro cities.The price of petrol in Delhi is Rs 101.19 per litre. In other metros like Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively.
The price of fuel remained the same around the country, but varied across states on the basis of local taxes. 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 6 a.m.
This daily review is based on the average price of benchmark fuel internationally, in the past 15 days and foreign exchange rates. Lately, fluctuations in global crude oil prices have prevented OMCs from completely following this.
The Economic Times 11-09-2021