New Delhi: Prices of petrol and diesel stabilised on Wednesday following six consecutive days of hikes. After 12 hikes in past 13 days, the country's largest oil refiner – Indian Oil Corp (IOC) – released data showing that fuel prices in metro cities including New Delhi and Mumbai were kept unchanged on Wednesday.
The domestic prices of petrol and diesel differ in each state, while oil marketing companies like IOC review them on a daily basis. Any revisions in fuel price are effected at the fuel stations at 6 am. According to IOC, the rate of petrol was at Rs. 71.66 per litre in Delhi and Rs. 77.29 per litre in Mumbai, with effect from 6 am on Wednesday, while diesel prices were at Rs. 66.92 per litre and Rs. 70.1 per litre respectively. The prices of petrol and diesel were at Rs. 73.76 per litre and Rs. 68.71 per litre respectively in Kolkata. In Chennai, the rates were at Rs. 74.41 per litre and Rs. 70.72 per litre respectively.
So far in 2019, petrol prices in Delhi and Mumbai have gone up by Rs. 2.82 per litre each, says IOC. The petrol price has also increased by Rs. 3 per litre during this period in Chennai. In Delhi and Mumbai, prices for diesel have been raised by Rs. 4.06 per litre and Rs. 4.34 per litre respectively. Since the October high of US$ 86.74 a barrel, global crude oil prices have dropped 24.2 percent. However, Brent futures – the global benchmark for crude oil – have increased close to 22.3 percent so far this year.