OMCs continue to hold fuel price revision for sixth day

Oil marketing companies (OMC) on Saturday continued to press the pause button on the revision of retail petrol and diesel prices for the sixth straight day.

In the national capital, petrol was sold for Rs 101.19 per litre on Saturday. Similarly, price of the fuel in the other key metros of Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively.

In tandem with petrol price, diesel rates also remained unchanged.

In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre, respectively.

Retail prices remained unchanged as global oil prices continued to rise. The benchmark Brent futures are currently near the $73-per-barrel-mark backed by the continued supply concerns in the US post Hurricane Ida.

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

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis.

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