Petrol, diesel prices stable after three-day consecutive hike
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Petrol and diesel prices in major metros across the country were left unchanged on Thursday after a three-day hike that saw prices touch all-time highs on Wednesday.
In Delhi, petrol remained at ₹92.05 a litre while diesel is ₹82.61. Prices were highest in Mumbai where petrol and diesel touched ₹98.36 and ₹89.75 respectively according to the country's largest fuel retailer, Indian Oil Corporation.
State-run oil marketing companies like Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum rely on global crude oil prices and foreign exchange rates to determine the price of fuel in the country. The fuel prices have been hiked seven times since May 4, when the state-owned oil companies ended an 18-day hiatus in rate revision observed during assembly elections in states such as West Bengal.
Oil prices fell on Thursday amidst fears of the impact of COVID-19 in India which has been hard hit by the second wave of the viral pandemic. India is the world's third-largest importer of crude oil.