No revision in petrol, diesel rates on Thursday

The fuel rates were reviewed by OMCs daily and any revision is executed from 6 in the morning


The Indian oil marketing companies (OMCs) kept fuel rates on halt on Thursday after reducing them on Wednesday.


The petrol and diesel rates in Delhi was stable at rupees 101.34 and rupees 88.77 per litre, respectively, as per the country's largest fuel retailer, the Indian Oil Corporation.


The fuel rates were reviewed by OMCs such as state-run Indian Oil Corporation Limited (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) daily and any revision is executed from 6 in the morning.


The oil companies revise the fuel prices daily based on the average rate of benchmark fuel in the global market preceding 15-days and also foreign exchange rates.


As per to the international news agency Reuters, the oil rates declined in the international market on Thursday after OPEC+ agreed to keep its policy of gradually returning retail at a time when deadly Covid-19 cases are increasing across the world and many US refiners, that is a key source of crude demand had remained offline.


Brent crude was fell down by 52 cents, or 0.7 per cent to USD 71.07 per barrel after declining from 4 cents on Wednesday.


And, US oil also fell by 56 cents or 0.8 per cent at USD 68.03 a barrel after surging by 9 cents in the previous session.

India Scanner News Network

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