OMCs are responsible for fuel price revision. Brent trades at $72/bbl

OMC, oil marketing companies, maintained petrol and diesel prices steady for the fifth consecutive Friday, even though Brent crude oil on Intercontinental Exchange traded above $72 per barrel.

Petrol was available in the capital at Rs 101.19 per Liter. The price of petrol in other major metros, such as Mumbai, Chennai, and Kolkata, remained the same at Rs 107.26; Rs 98.96; and Rs 101.62 per gallon, respectively.

Diesel price was also unchanged Friday, along with the petrol price. The fuel was available in Delhi, Mumbai and Chennai at Rs 88.62, Rs 96.1, Rs 93.26, Rs 93.2 and Rs 91.71 per Liter, respectively.

Global crude oil prices rose on Friday. Brent crude oil’s November contract on Intercontinental Exchange currently trades above $72-per-barrel.

The prices of petrol and diesel remained stable across the country on Friday. However, their retail rates vary depending on whether there are any local taxes.

The pricing formula used by oil companies stipulates that petrol and diesel prices must be reviewed and adjusted daily. The new prices will be effective at 6 a.m. every morning.

The price revisions are based on the benchmark fuel prices in international markets over the past 15 days and foreign exchange rates.

OMCs have not been able to keep up with the fluctuating global oil prices, so revisions are being made with longer gaps. Companies have also been increasing fuel prices when there is a mismatch in global oil prices and the pump price.