Petrol, diesel unchanged for 3rd straight day | Economic Times

Oil marketing companies kept petrol pump prices of petrol and diesel unchanged on Saturday, making this the third consecutive day without revision as companies decided to wait and watch the global oil situation.The price of petrol and diesel remained unchanged at Rs 101.34 and Rs 88.77 per litre in Delhi, as per the Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, petrol remained stable at Rs 107.39 per litre, with diesel rates at Rs 96.33 a litre.Gas prices remained static across India on Saturday, but retail rates varied depending on the level of local taxes in a particular state.Rates of petrol and diesel are reviewed and revised by OMCs on a daily basis under a pricing formula, with new prices becoming effective from morning at 6 am. The gas prices are based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.Fuel prices are expected to remain stable or even get some relief as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually raise production levels, preventing upward price movements. After touching $74 a barrel last week, benchmark Brent crude is now marginally lower at around $72 a barrel.(With inputs from IANS)