State-run oil marketing companies kept the petrol and diesel prices unchanged day on Tuesday, January 2, 2021. The fuel rates have now remained unchanged for 28 days in a row. In the national capital, the price of petrol remained the same at Rs 83.71 per litre and diesel was steady at Rs 73.87 per litre — the same level as on Sunday, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, petrol and diesel prices were the same, at Rs 90.34 per litre and Rs 80.51 per litre respectively. The fuel rates in the financial capital are the highest among the four metros across the country. (Also Read:)
Here are the current prices of petrol and diesel (in rupees per litre):
|Source: Indian Oil|
The oil marketing companies – Indian Oil, Bharat Petroleum, and Hindustan Petroleum align the domestic fuel prices with that of global benchmarks by taking into account any revisions in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state in the country due to the value-added tax (VAT).
Meanwhile, oil prices slipped from multi-month highs to end more than 1 per cent lower on the first trading day of the year after OPEC+ failed to decide on Monday whether to increase output in February and agreed to meet again on Tuesday.
Brent futures settled 71 cents, or 1.4 per cent, lower at $51.09 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 90 cents, or 1.9 per cent, to settle at $47.62.