Petrol and diesel prices were kept unchanged on Wednesday. The fuel prices in Delhi, Mumbai, Kolkata and Chennai remained at the same levels as Tuesday, a day in which oil marketing companies (OMCs) decreased the petrol and diesel prices by up to 7 paise per litre. Currently, state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review petrol and diesel prices on a daily basis. Any changes in the rates are implemented at petrol and diesel stations with effect from 6 am.
With effect from 6 am on March 13, petrol prices stood at Rs 72.41 per litre in Delhi, Rs. 78.04 per litre in Mumbai, Rs 74.49 per litre in Kolkata and Rs 75.20 per litre in Chennai, according to Indian Oil Corporation.
Diesel prices remained at Rs 67.37 per litre, Rs 70.58 per litre, Rs 69.16 per litre and Rs 71.20 per litre in Delhi, Mumbai, Kolkata and Chennai respectively, according to Indian Oil, the country's largest fuel retailer.
(As mentioned on Indian Oil's website- iocl.com)
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a fifteen-day average and the value of the rupee. The fuel rates vary from city to city and from pump to pump depending on local taxes and transportation cost.
The rupee appreciated by 8 paise to 69.63 against the dollar in opening trade on Wednesday, driven by sustained foreign fund flows and higher opening in domestic equity market.
Globally, oil prices rose, pushed up by ongoing supply cuts from producer cartel OPEC (Organization of the Petroleum Exporting Countries) and US sanctions against Iran and Venezuela. International Brent crude oil futures were at $66.85 a barrel at 0341 GMT or 9:11 am IST (Indian Standard Time), up 18 cents, or 0.3 per cent, from their last close.
(With inputs from agencies)
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