Petrol and diesel prices have largely remained unchanged in major cities on Thursday, according to goodreturns.com. Fuel rates in major cities including Delhi, Mumbai, Kolkata and Chennai have remained same since May 21 last year, when the previous pan-India revision to fuel prices was done.
Oil Marketing Companies (OMCs) revise the fuel prices based on the most recent market trends. The fuel prices are not controlled by the government. The OMCs need to adjust their prices. These are determined in accordance with the price of crude oil throughout the world.
The rates for each day, whether new or unchanged, are announced at 6 am on the day . These, however, vary from state-to-state; this is due to criteria such as Value Added Tax (VAT), freight charges, local taxes etc.