Oil marketing companies (OMCs) kept fuel prices unchanged for the 22nd day in a row on Friday.
As a result, the cost of a liter of gasoline in Delhi amounts to Rs 103.97 per liter and that of diesel to Rs 86.67 per liter. In Mumbai, gasoline and diesel prices are Rs 109.98 per liter and Rs 94.14 per liter respectively.
Oil companies revise gasoline and diesel prices on a daily basis based on the average benchmark fuel price on the international market over the previous 15 days and exchange rates.
Gasoline and diesel prices are revised daily by oil marketing companies such as state-run Indian Oil, and any revisions are implemented starting at 6 a.m.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Earlier on November 4, the government reduced excise taxes on gasoline and diesel to lower rates slightly from record levels. After the drop in excise rates, several states and Union territories have also announced lower VAT rates on gasoline and diesel, bringing great relief to consumers.