Petrol, Diesel Price Hike Paused After Three Days, On Thursday

Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.

Petrol, diesel prices today: The country’s largest fuel retailer Indian Oil Corporation has left the petrol prices unchanged across the metros on Thursday i.e. May 13 after a hike for three consecutive days. The prices had touched fresh all-time highs on the previous day. The fuel prices have been hiked seven times since May 4, when the state-owned oil companies ended an 18-day hiatus in rate revision observed during assembly elections in states such as West Bengal.

In Delhi, petrol prices remained constant at Rs 92.05 per litre and diesel was unchanged at Rs 82.61 per litre, according to Indian Oil Corporation. Currently, petrol and diesel prices are highest in the financial capital of the country. Petrol in Mumbai was retailed at Rs 98.36 per litre and diesel was sold at Rs 89.75 per litre.

Below are the latest petrol and diesel prices across four metro cities:

The state-run oil marketing companies including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum align the rates of domestic fuel with the global crude oil prices by taking into account changes in the foreign exchange rates. The new changes in fuel prices are implemented with effect from 6 am every day.

Meanwhile, oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong.

Brent crude was down 32 cents, or 0.5 per cent, at $69.00 a barrel and West Texas Intermediate (WTI) was down 31 cents or 0.5 per cent to $65.77 a barrel.

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