New Delhi: Petrol and diesel prices remained unchanged on Wednesday though the fuel prices are at record high despite rates being paused.
Petrol and diesel prices were hiked for the seventh straight day on Monday, due to the increasing rates in the international markets, taking the rates of the fuel to fresh record highs. In the latest revision, petrol and diesel prices were increased by 30 paise and 35 paise per litre, respectively in the national capital.
With the latest change, petrol and diesel are now selling at record high prices. For instance, the price of one-litre petrol in Delhi now stands at Rs 104.44 per litre as against its previous price of 104.14 per litre while the fuel is selling for Rs 110.41 in Mumbai.
According to the daily price notification by oil retailers, diesel prices have been increased to Rs 92.82 as against its previous price of Rs 93.17 a litre in Delhi. In the financial capital of India, diesel is selling at Rs 101.03 per litre.
In Kolkata, petrol is selling for Rs 105.10 per litre while diesel is retailing Rs 96.28 per litre. Meanwhile, petrol is selling at Rs 101.79 in Chennai while diesel is retailing at Rs 97.59 per litre.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices this week given a spurt in the product prices lately. Petrol prices have also risen on six of the previous eight days taking up its primo price by Rs 1.45 per litre.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m.
The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.