State-run oil marketing companies kept the petrol and diesel rates unchanged for the 23rd straight day on Thursday, December 31. In the national capital, the price of petrol remained steady at Rs 83.71 per litre and diesel was constant at Rs 73.87 per litre — the same level as on Wednesday, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, petrol and diesel rates were Rs 90.34 per litre and Rs 80.51 per litre respectively. The fuel prices in the financial capital are the highest among the four metros across the country. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
|Source: Indian Oil|
Oil marketing companies in the country – Indian Oil, Bharat Petroleum, and Hindustan Petroleum align the domestic fuel prices with that of global benchmarks by taking into account any alterations in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state due to the value-added tax (VAT).
Meanwhile, global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralyzed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out more stimulus.
On Thursday, the last trading day of 2020, brent was trading down 18 cents, or 0.4 per cent, at $51.45 a barrel, as of 0136 GMT and U.S. West Texas Intermediate (WTI) lost 0.1 per cent, or 5 cents, to $48.35 a barrel.