The petroleum marketing companies (WTO) kept the pump prices of automotive fuels, gasoline and diesel unchanged on Sunday, the 14th consecutive day without revision, as they preferred to wait and observe the global oil situation before proceeding to a decision. price-revision.
As a result, the price of gasoline and diesel remains unchanged at Rs 101.19 and Rs 88.62 per liter in Delhi, according to Indian Oil Corporation, the country’s largest fuel retailer.
In Mumbai, the price of gasoline was stable at Rs 107.26 per liter on Sunday, while diesel prices also remained unchanged at Rs 96.19 per liter.
Nationwide, too, gasoline and diesel prices remained static on Sunday, but their retail prices varied depending on the level of local taxes in a particular state.
Fuel prices are hovering at record highs due to 41 increases in its retail prices since April of this year. It has declined a few times but has remained largely stable.
According to the pricing formula adopted by the oil companies, the prices of gasoline and diesel must be reviewed and revised by them daily. The new prices come into effect from the morning at 6 a.m.
The daily price review and revision is based on the average price of the benchmark fuel in the international market over the previous 15 days and on exchange rates.
But, fluctuations in world oil prices have prevented OMCs from following this formula in their entirety and revisions are now being made with longer spreads.
It has also prevented companies from raising fuel prices whenever there is a mismatch between the price of fuel arriving in the world and the price at the pump.
After hitting $ 74 a barrel a few weeks ago and then falling, benchmark Brent crude prices have rebounded to over $ 75 a barrel now.