Petrol and diesel prices were unchanged on Monday as oil marketing companies (OMCs) decided to keep fuel rates static. Accordingly, the price of petrol and diesel stood at Rs 98.46 and Rs 88.90 per litre respectively in Delhi, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 104.56 per litre on Monday. The cost of diesel also was the same at Rs 96.42 a litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. The fuel prices vary from state to state in the country due to the value-added tax or VAT.
On the global front, oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week, according to news agency Reuters.