Retail fuel prices remain unchanged across the four metros for the sixth consecutive day on Monday.
Accordingly, the price of petrol and diesel stood at Rs 90.56 and Rs 80.87 per litre respectively in Delhi, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 96.98 per litre on Monday. The cost of diesel also was the same at Rs 87.96 a litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.
On the global front, oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July, according to news agency Reuters.
Meanwhile, Union Minister Dharmendra Pradhan on Sunday expressed hope that fuel prices would stabilise as the Organization of the Petroleum Exporting Countries (OPEC) has decided to increase crude oil production, as per news agency PTI report.
Pradhan’s statement comes in the wake of a steep hike in the prices of petrol and diesel recently. Congress has demanded that the hike in fuel prices should be rolled back for the public good, saying that the crude oil prices have tumbled in the international market.
“When the price of crude oil shoots up in the international market, it sparks fuel price rise in India,” the minister was quoted as saying in the PTI report.