Saturday was the fourth consecutive day when petrol and diesel prices remained unchanged in Delhi, Kolkata and Chennai.
Petrol and diesel prices remained unchanged on Saturday, June 30, 2018. A litre of petrol was being sold for Rs. 75.55 in national capital Delhi, Rs. 83.06 in financial capital Mumbai, Rs. 78.23 in Kolkata and Rs. 78.40 in Chennai. A litre of diesel was being sold for Rs. 67.38 in Delhi, Rs. 71.49 in Mumbai, Rs. 69.93 in Kolkata and Rs. 71.12 in Chennai. Petrol and diesel rates were listed on the website of Indian Oil Corporation (IOC) and its app, Fuel@IOC.
Saturday was the fourth consecutive day when petrol and diesel prices remained unchanged in Delhi, Kolkata and Chennai. In Mumbai, petrol prices were slashed by 6 paise on Friday.
As for diesel prices, in Delhi and Chennai, Saturday was the fourth consecutive day of no change in prices. In Mumbai, diesel prices were last slashed on Friday by 3 paise and in Kolkata, the last cut happened on June 25 to the effect of 7 paise.
Oil marketing companies like IOC, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am every day.
Meanwhile, US crude futures settled up 0.95 per cent at $74.15 per barrel. Brent was last at $79.44, up 2.04 per cent on the day, according to a report by news agency Reuters.
After hitting record highs in some cities last month, petrol and diesel prices have been softening since June. On May 30, petrol and diesel prices were slashed for the first time after 16 days of hikes.
The government allowed daily revision of fuel prices on June 16 last year. It deregulated petrol prices in 2010 and diesel prices in 2014. Deregulation freed petrol and diesel pricing mechanism from the control of the government.
The domestic petrol and diesel prices are decided on a daily basis by oil marketing companies according to global crude oil rates and the rupee-dollar exchange rate, among other factors.