Petrol and diesel prices in the metros remained unchanged for the third consecutive day, on Saturday, January 30. In the national capital, the price of petrol remained unchanged at ₹ 86.30 per litre and diesel was steady at ₹ 76.48 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the petrol and diesel prices are at ₹ 92.86 per litre and ₹ 83.30 per litre respectively, the highest among all four metros.
Petrol and diesel prices have recorded an upswing since January 6, 2021, after staying unchanged for almost a month. Fuel rates have increased amid a rally in global crude oil prices, with COVID-19 vaccination drives beginning across the world.
Oil marketing companies – Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with the global benchmarks, by taking into account any alterations in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state across the country due to the value-added tax or VAT.
On Friday, January 29, brent crude futures, the global oil benchmark, rose 0.41 per cent to $55.76 per barrel.