Fuel prices were unchanged on Wednesday across various cities in the country including the national capital Delhi, Mumbai, Kolkata, and Chennai.

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Accordingly, the price of petrol in Delhi stands at Rs 95.41 per litre. Recently, the Delhi government cut the VAT on petrol from 30 percent to 19.4 per cent, reducing the petrol price by Rs 8 in the national capital.

Meanwhile, the cost of one litre of diesel in Delhi stands unchanged at Rs 86.67 per litre on Monday. 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.

Globally, oil prices settled more than 3 percent higher on Tuesday, rebounding on renewed risk appetite the day after a sharp fall, but investors remained cautious as the Omicron coronavirus variant cut holiday travel plans, dimming the near-term fuel demand outlook, according to news agency Reuters.

(Edited by : Anshul)

First Published:Dec 22, 2021 7:52 AM IST