Petrol and diesel prices were unchanged on October 12 (Tuesday) after seven consecutive hikes in fuel rates. Petrol prices went up by 30 paise on Monday, while diesel rates rose by 35 paise-37 paise. The fuel rates were last kept unchanged on October 5 (Tuesday).
Petrol continues to sell for Rs 104.44 per litre in Delhi, while diesel costs Rs 93.17 per litre in the national capital. Petrol currently costs Rs 110.41 per litre in Mumbai, whereas diesel is priced at Rs 101.03 per litre in India’s financial capital. In Kolkata, petrol costs Rs 105.09 per litre and diesel costs Rs. 96.28 per litre. While petrol costs Rs 101.79 per litre in Chennai, diesel sells for Rs 97.59 per litre.
Petrol, diesel prices across major cities on October 12, 2021
|Cities||Petrol (Rs/litre)||Diesel (Rs/litre)|
State-backed oil marketing companies (OMCs) revise fuel rates daily on the basis of value-added tax (VAT) levied on fuel across different states, freight charges, average price of the benchmark fuel in the global market and foreign exchange rate.
Global oil prices
Oil prices fell after four days on Tuesday after weeks of rebound in global demand. While Brent crude fell by 26 cents or 0.3 per cent to $83.39 per barrel, US oil dropped by 33 cents or 0.4 per cent to $80.19 per barrel.
“There is still plenty of momentum behind the oil rally and the fundamentals remain extremely favourable,” senior market analyst at OANDA Craig Erlam told Reuters. “Will it be a surprise to see oil back in the triple digits later this year? Probably not,” Erlam said.
Edited by Mehak Agarwal
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