Petrol, Diesel Price Hike Paused For Second Straight Day

Domestic petrol and diesel prices were paused for the second consecutive day on Wednesday, i.e. December 9, after being hiked for seven consecutive days. In Delhi, the price of petrol remained constant at Rs 83.71 per litre with effect from 6 am on Wednesday, and that of diesel was unchanged at Rs 73.87 per litre, according to notifications from Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, petrol and diesel prices were at Rs 90.34 per litre and Rs 80.51 per litre respectively. Petrol prices in Delhi have increased by Rs 2.65 per litre and diesel prices have risen by Rs 3.40 per litre in the past 19 days alone. Fuel prices in Mumbai are the highest among metros. (Also Read:  How To Check Latest Petrol And Diesel Rates In Your City )

Here are the current prices of petrol and diesel in the four metros (in rupees per litre):

Currently, state-owned oil marketing firms Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum - which own the majority of fuel stations in the country - review the fuel prices on a daily basis, and implement any changes with effect from 6 am. 

Oil companies align the domestic fuel prices with global benchmarks by taking into account any changes in the foreign exchange levels. The fuel rates vary from state to state due to local taxes.

Meanwhile, oil prices were little changed on Tuesday as the most populous U.S. state tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements.

Brent crude futures settled at $48.84 a barrel, gaining 5 cents. U.S. West Texas Intermediate (WTI) crude futures settled 16 cents lower at $45.60 a barrel.