The oil marketing companies (OMCs) kept fuel prices unchanged on Thursday after increasing them on Wednesday.
Accordingly, the price of petrol and diesel was static at Rs 95.56 and Rs 86.47 per litre in the national capital, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price was unchanged at Rs 101.76 per litre on Thursday. The cost of diesel was stable at Rs 93.85 a litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.
On the global front, oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded as the US secretary of state said sanctions against Tehran were unlikely to be lifted, according to news agency Reuters.