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Petrol and diesel prices held steady on April 16 after Thursday’s revision. Today, a litre of petrol in Delhi would cost Rs 90.40 and diesel Rs 80.73. In Mumbai, petrol would cost Rs 96.83 per litre and diesel Rs 87.81, according to state-run oil refiner Indian Oil Corporation’s (IOL) website. The previous cut in fuel prices was on March 30.
On Thursday, petrol prices were cut by 16 paise and diesel by 14 paise across the country. Before yesterday’s cut, the fuel prices were last revised on March 30.
Fuel prices in top 10 cities
Fuel prices differ from state to state as taxes get levied on petrol and diesel by both central as well as state governments along with the freight charges.
In the international market, oil prices slipped in early trade on Friday, but are on the move for a weekly gain of more than 6 per cent.
Revision in the petrol and diesel price is applied every day at 6:00 am by the oil marketing companies. The price gets almost doubled after adding excise duty, dealer commission and other things. Petrol and diesel prices change daily, depending on the crude prices in the international market.
Domestic oil companies decide the prices of petrol and diesel on the basis of the average price of the last 15 days of crude oil in the international market. These oil companies also have to take into account the fluctuations in the rupee against the dollar.