Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Oil marketing companies retained domestic prices of petrol and diesel at existing levels on October 8 i.e. Thursday. In Delhi, the price of petrol was at Rs 81.06 per litre and diesel at Rs 70.46 per litre on October 8 - the same levels as the previous day, according to notifications from Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, petrol and diesel rates were at Rs 87.74 per litre and Rs 76.86 per litre respectively. State-run Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation account for the majority of fuel stations in the country. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)
Here are latest prices of petrol and diesel (in rupees per litre) in the four metros on October 8:
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 81.06 | 70.46 |
| Mumbai | 87.74 | 76.86 |
| Chennai | 84.14 | 75.95 |
| Kolkata | 82.59 | 73.99 |
| Source: Indian Oil | ||
Currently, state-run oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review domestic fuel rates on a daily basis, and make adjustments with effect from 6 am every day to align them with international oil rates and the foreign-exchange rate.
Petrol and diesel rates vary from state to state due to local taxes.
Meanwhile, oil prices fell nearly 2 per cent on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S. crude inventories rose in the most recent week.
Brent crude futures fell 66 cents, or 1.6 per cent, to settle at $41.99 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 72 cents, or 1.8 per cent, to settle at $39.95 a barrel.
