The oil marketing companies (OMCs) kept fuel prices unchanged for the 27nd consecutive day on Wednesday.

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Accordingly, the cost of one litre of petrol in Delhi stands at Rs 103.97 per litre and of diesel at Rs 86.67 per litre. In Mumbai, the petrol and diesel prices stand at Rs 109.98 per litre and Rs 94.14 per litre, respectively.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

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.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.

Earlier on November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels. After the excise rates were cut, several states and Union Territories also announced a cut in VAT rates on petrol and diesel, giving a big relief to consumers.

Globally, oil prices tumbled on Tuesday after Moderna's chief cast doubt on the efficacy of COVID19 vaccines against the Omicron coronavirus variant, spooking financial markets and heightening worries about oil demand, according to news agency Reuters.

(Edited by : Anshul)

First Published:Dec 1, 2021 7:54 AM IST