The oil marketing companies (OMCs) kept petrol and diesel prices unchanged for the 17th consecutive day on Wednesday.

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.

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

In Mumbai, the petrol price is stable at Rs 107.26 per litre on Wednesday, while diesel rates also remain unchanged at Rs 96.19 a litre.

In Chennai, petrol is priced at Rs 98.96 a litre and in Kolkata Rs 101.62 a litre. Diesel is also priced at Rs 93.26 and Rs 91.71 per litre in both cities respectively.

The wait and watch plan of OMCs has come to the relief of consumers as no revision has come during a period when crude prices were on the rise over shortfall in US production and demand pick up. This would have necessitated about Rs 1 increase in price of petrol and diesel.

Fuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but largely remained stable.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised on a daily basis. The new prices become effective from morning at 6 am.

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

(With inputs from Agencies)