Fuel prices decreases on Wednesday; Check today’s petrol and diesel price

Bhubaneswar: The petrol and diesel price decreased in Odisha’s capital city Bhubaneswar on Wedesday. The cost of petrol has decreased by 10 Paise and the price of diesel has also dropped by 10 Paise in the last 24 hours.

Today, the petrol price has been recorded at Rs 102.04 per litre while the diesel price has been recorded at Rs 96.61 per litre in the temple city.

Earlier on Tuesday, the petrol rate was recorded at Rs 102.14 and the diesel rate was recorded Rs 96.71 in the smart city of Odisha.

The petrol prices in all districts of Odisha have record above Rs 100 for the last few months and Malkangiri continues to top the list with the highest petrol price at Rs 107.62 per litre.

On the other hand Kalahandi, Koraput, Malkangiri, Nabarangpur, and Rayagada districts of Odisha has recorded diesel prices above Rs 100 today.

Petrol Prices in different cities of India are as follows:

Photo Credit: Goodreturns

Diesel Prices in different cities of India are as follows:

Photo Credit: Goodreturns

Auto fuel prices in the country have maintained stability amid the volatility in global oil prices over rise in demand and concerns on production.

The oil marketing companies (OMCs) on Wednesday kept pump prices of auto fuels — petrol and diesel — unchanged, the tenth consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.

Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, the petrol price was stable at Rs 107.26 per litre on Wednesday while diesel rates also remained unchanged at Rs 96.19 a litre.

Across the country as well petrol and diesel prices remained static on Wednesday but their retail rates varied depending on the level of local taxes in a particular state.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from morning at 6 a.m.

The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.

But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.

Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of a cut in days ahead as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.

After touching $ 74 a barrel-mark couple of weeks back and then falling, benchmark Brent crude is again back at around $ 74 a barrel.
(With inputs from IANS)

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