No revision in petrol, diesel prices for 2nd consecutive day

New Delhi, Sep 7 (IANS) The oil marketing companies (OMCs) have kept pump prices of auto fuels -- petrol and diesel -- unchanged on Tuesday, the second consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.

Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.

In Mumbai, the petrol price was stable at Rs 107.26 per litre on Tuesday while diesel rates also remained unchanged at Rs 96.19 a litre.

Across the country as well the petrol and diesel prices remained static on Tuesday, but their retail rates varied depending on the level of local taxes in a particular state.

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 morning at 6 a.m.

The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of a cut in days ahead as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.

After touching $ 74 a barrel-mark last week, benchmark Brent crude is marginally lower now at around $ 72 a barrel.