Petrol, diesel price today: Oil marketing firms such as Indian Oil review the fuel rates on a daily basis

Domestic prices of petrol and diesel were kept unchanged at existing levels on Wednesday, October 2. The pause in revision of fuel prices follows two days of hike. The price of petrol was Rs 74.61 per litre in Delhi and Rs 80.21 per litre in Mumbai on Wednesday, according to Indian Oil Corporation's website - iocl. The price of diesel stood at Rs 67.49 per litre and Rs 70.76 per litre in Delhi and Mumbai respectively. (Also read: How to receive today's petrol and diesel rates in your city through SMS)

Currently, oil marketing companies such as state-run Indian Oil Corporation - the country's largest fuel retailer - review the prices of petrol and diesel on a daily basis. Any changes are implemented at the fuel pumps with effect from 6 am.

Here are the prices of petrol and diesel in the four metros - Delhi, Mumbai, Chennai and Kolkata - today:

City Petrol price (in rupees per litre) Diesel price (in rupees per litre) Delhi 74.61 67.49 Kolkata 77.23 69.85 Mumbai 80.21 70.76 Chennai 77.50 71.30 (Source: Indian Oil Corporation)

Petrol and diesel prices were hiked more than 3 per cent in the metros last month. In Delhi, the price of petrol was increased by Rs 2.41 per litre and that of diesel by Rs 2.08. In Mumbai, petrol and diesel rates were revised upwards by Rs 2.41 per litre and Rs 2.23 per litre respectively in September.

The domestic rates of petrol and diesel are adjusted taking into account factors such as global crude oil prices and the rupee-dollar foreign exchange rates.

Crude oil prices rebounded on Wednesday after industry data showed a surprise drop in US crude inventories. Brent crude futures - the global benchmark for crude oil - rose 0.73 per cent to $59.32 per barrel by 10:07 am, claiming back some of the ground lost over the past three sessions.

International oil prices are now below levels from before the September 14 attacks on Saudi oil facilities as the world's largest oil exporter has restored its full oil production and capacity.

On September 16, the Brent futures had spiked to $71.95 a barrel, their biggest intraday jump since January 1991, before settling at $69.02 a barrel for the day.

The rupee - which appreciated 1.30 per cent in September - declined by 20 paise against the US dollar to end at 71.07 on Tuesday.

The domestic oil marketing companies switched to the current system of daily price revisions in June 2017, in a shift from fortnightly revisions, in order to reflect the changes in global rates more effectively.