Fuel retailers spared consumers of a further increase in fuel prices by keeping retail rates of petrol and diesel unchanged on Friday.
Accordingly, the price of petrol continues to remain at Tuesday's level of Rs 97.76 a litre and diesel Rs 88.30 per litre in Delhi.
In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 103.89 per litre. Diesel price also continues to be at Rs 95.79 a litre, the highest among metros.
In Chennai, petrol is priced at Rs 98.88 per litre while the price of diesel is Rs 92.89 per litre. The price of petrol in Kolkata is Rs 97.63 per litre while diesel is sold at Rs 91.15 per litre.
In Delhi, petrol price was hiked by 26 paise per litre and diesel by 7 paise on Thursday. The hike on Thursday is the 29th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 29 hikes, the price of petrol has risen by Rs 7.36 per litre and diesel by Rs 7.77 a litre.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. International oil prices have firmed up in recent weeks in anticipation of demand recovery following the rollout of vaccination programmes by various countries.
Oil prices climbed on Thursday after a sharp drawdown in US stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports. Brent crude soared past the USD 75 per barrel mark, the first time since April 2019. Also, the rupee has weakened against the US dollar, making imports costlier.
(With inputs from Agencies)
