Petrol and diesel prices were kept unchanged across the four metro cities for a fourth day in a row by the country’s biggest state-run oil refiner Indian Oil. Petrol prices were last increased on Saturday, February 27, by 24 paise per litre in national capital of Delhi to an all-time high of Rs 91.17. Currently, highest fuel prices are in Mumbai where petrol is being sold at Rs 97.57 per litre and diesel at Rs 88.60 per litre, according to Indian Oil. Reports have suggested that in parts of Rajasthan, petrol prices have crossed Rs 100 mark for the first time.
|Source: Indian Oil|
Oil marketing companies – Bharat Petroleum, Indian Oil Corporation, and Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am each day. Fuel prices in the country have witnessed a hike since January 2021 due to a rally in global crude oil prices.
Meanwhile, oil prices fell to their lowest in two weeks on Tuesday on expectations OPEC+ producers will ease supply curbs at their meeting later this week as economies start to recover from the coronavirus crisis.
Brent futures fell 99 cents, or 1.6 per cent, to settle at $62.70 a barrel, their lowest close since Feb. 12. The global benchmark has fallen about 7 per cent from a 13-month peak hit last week.
US West Texas Intermediate (WTI) crude fell 89 cents, or 1.5 per cent, to $59.75, its lowest close since February 19. WTI has dropped about 6 per cent since Feb. 25 when it closed at its highest since May 2019.