OIL & GAS

Petrol, Diesel Prices Remain Unchanged In Metros

Petrol, Diesel Price Today: Domestic prices of petrol and diesel were steady at existing levels on Saturday. In Delhi, the price of petrol stood at ₹ 80.43 per litre, and diesel at ₹ 73.56 per litre, and in Mumbai, the prices were ₹ 87.19 per litre and ₹ 80.11 per litre respectively, according to notifications from Indian Oil Corporation. Currently, petrol and diesel rates vary from state to state in the country, and state-run oil marketing companies such as Indian Oil Corporation – the country’s largest fuel retailer – allow any revisions on a daily basis, to bring the fuel rates at par with global oil prices and changes in the forex rates.

While the prices of petrol in the metros have been steady for more than a month, diesel rates have been revised on many occasions.

Crude oil prices fell nearly 2 per cent on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases. Brent crude futures – the global benchmark for crude oil – fell 1.50 per cent to settle at $44.40 per barrel.

The rise in infections remains the dominant issue for the fuel demand outlook. COVID-19 cases in the US are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic.

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