Petrol price steady, diesel hiked for the first time in 19 days

Following the latest price revision, petrol in Delhi is retailing at Rs 101.19 a litre while diesel is now selling at Rs 88.82. In the financial capital Mumbai, petrol price stands at Rs 107.26 while diesel now costs Rs 96.41, data available on Indian Oil Corporation’s website showed.

In India, the fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

The OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

In the international market, crude oil prices steadied on Friday near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws. The rally was slightly dampened by China’s first public sale of state crude reserves, news agency Reuters reported.

Brent crude was up 222 cents (0.28 per cent at $77.47 a barrel by 0743 GMT, their highest since July 6, and close to their highest since October 2018. US oil was up 7 cents (0.1 per cent at $73.37 a barrel, having closed 1.5 per cent in the previous session, the highest since the start of August, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Friday, September 24, 2021: