After six days of consecutive fall, petrol and diesel prices remained unchanged as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 71.35 in Mumbai, and Rs 68.05 in Delhi, while a litre of petrol is priced at Rs 80.42 in Mumbai, and Rs 74.82 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.
Crude oil futures on Friday fell by Rs 8 to Rs 4,157 per barrel after participants reduced positions on spot demand even as the prices rose overseas. On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 8, or 0.19 per cent, to Rs 4,157 per barrel with a business volume of 12,331 lots.
Crude oil for February delivery was quoting lower by Rs 7, or 0.17 per cent, at Rs 4,171 per barrel with an open interest of 8,765 lots.