Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.The oil marketing companies keptthe prices of petrol and diesel unchanged onWednesday (November 11).In Delhi, the price of petrol remained at Rs 81.06 per litre and diesel was Rs70.46 per litre, according to notifications from state-run Indian Oil Corporation.
In financial capital Mumbai, pricesof petrol and diesel were Rs 87.74 per litre and Rs 76.86 per litre respectively.
The oil firms such as Indian Oil Corporation revise the fuel rates on a daily basis and implement the changes with effect from 6 am.(Also Read:How To Find Latest Petrol, Diesel Rates In Your City)CityPetrolDieselDelhi81.0670.46Mumbai87.7476.86Chennai84.1475.95Kolkata82.5973.99Source: Indian OilBharat Petroleum Corporation, Indian Oil Corporation, and Hindustan Petroleum Corporation - which account for the majority of petrol and diesel stations in India-align the domestic rates with global benchmarks by taking into account changes in foreign exchange levels.
Due to the local taxes, crude oil prices vary in different cities across the country.Meanwhile,oil ended nearly 3 per cent higher on Tuesday as hopes that a COVID-19 vaccine is on the horizon outweighed worries about a drop in fuel demand from new lockdowns to contain the virus.Brent crude futures settled up $1.21, or 2.9 per cent, at $43.61 per barrel.
United States West Texas Intermediate (WTI) crude futures gained $1.07, or 2.7 per cent, to $41.36.