The oil marketing companies (OMCs) kept fuel prices unchanged on Wednesday. While petrol price was stable after seven consecutive days, diesel was static for second day in a row.

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In the national capital, petrol and diesel rates stood at Rs 110.04 and Rs 98.42 per litre respectively, according to Indian Oil Corporation. In Mumbai, petrol was kept unchanged at Rs 115.85 a litre, while diesel was stable at Rs 106.62 per litre.

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. Rajasthan levies the highest value-added tax (VAT) on petrol.

On the global front, oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply, according to news agency Reuters.

Brent crude futures fell by 98 cents, or 1.2 percent, to $83.74 a barrel by 0034 GMT, while U.S. West Texas Intermediate (WTI) crude futures tumbled by $1.32, or 1.6 percent, to $82.59 a barrel, Reuters said.

(Edited by : Anshul)

First Published:Nov 3, 2021 8:02 AM IST