Domestic fuel prices were hiked on Thursday after days of no change. With effect from 6 am on December 26, the price of petrol was revised to Rs 74.68 per litre in Delhi and Rs 80.34 per litre in Mumbai, according to Indian Oil Corporation, the country’s largest fuel retailer. On Wednesday, the rates of petrol had stood at Rs 77.29 per litre and Rs 80.29 per litre respectively. (Also read: How to find out latest petrol diesel prices in SMS)
The price of diesel was raised to Rs 67.09 per litre and Rs 70.39 per litre in Delhi and Mumbai respectively on Thursday, compared with Rs 66.99 per litre and Rs 70.28 per litre the previous day.
Currently, domestic petrol and diesel prices are reviewed by oil marketing companies such as state-run Indian Oil Corporation on a daily basis. Any revisions are implemented at the fuel stations with effect from 6 am.
Oil marketing companies – such as state-run Indian Oil Corporation (IOC) – switched to the current system of daily revisions from fortnightly changes in 2017 to reflect any changes in global rates more rapidly. Previously, the companies implemented any changes in fuel prices at fuel stations the 1st and 16th days of every month.
Source: NDTV Profit