Domestic prices of petrol and diesel were kept unchanged at existing levels in metros on Saturday. Oil marketing companies such as state-run Indian Oil Corporation (IOC) currently review the domestic fuel rates on a daily basis, and implement any changes at their retail outlets with effect from 6 am. The prices of petrol and diesel in metros such as Delhi and Mumbai have been hiked around 3 per cent since a surge in crude oil prices following attacks on key Saudi Arabian oil production facilities, which roiled global markets and pushed tanker rates higher. (Also read: How to find out latest petrol, diesel price through SMS)
On Saturday, the price of petrol remained at Rs 74.34 per litre in Delhi and Rs 80 per litre in Mumbai - the same levels as the previous day. The rate of diesel was Rs 67.24 per litre and Rs 70.55 per litre respectively on Saturday.
Petrol and diesel price: Here are today's prices (in rupees per litre) of petrol and diesel in the four metros:
|(Source: Indian Oil Corporation)|
Currently, the domestic prices of petrol and diesel are determined broadly by international crude oil and and rupee-dollar foreign exchange prices.
On Friday, crude oil prices fell and posted a weekly loss on faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth. Brent crude futures - the global benchmark for crude oil - fell by 83 cents a barrel to end a volatile session at $61.91 a barrel.
Industrial companies in China - the world's second-largest economy and biggest importer of crude oil - reported a contraction in profits in August.
The rupee gained by 32 paise - or 0.45 per cent - to end at a nearly two-month high of 70.56 against the US dollar on Friday, marking a gain of 0.54 per cent (38 paise) for the week. The rupee has risen 1.20 per cent against the greenback so far this month.
The domestic oil marketing companies switched to the current system of daily price revisions in June 2017, in a shift from fortnightly revisions, in order to reflect the changes in global rates more effectively.
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