The oil marketing companies (OMCs) kept fuel prices unchanged on Tuesday after increasing them for two consecutive days.
Accordingly, the price of petrol and diesel was static at Rs 95.31 and Rs 86.22 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 101.52 per litre on Thursday. The cost of diesel was stable at Rs 93.58 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.
On the global front, oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May, according to news agency Reuters.
Brent crude was down 11 cents, or 0.2 percent, at $71.38 a barrel by 0151 GMT, after declining 0.6 percent overnight. US oil was off by 13 cents, or 0.2 percent, at $69.10 a barrel, having dropped by 0.6 percent in the previous session, Reuters said.