Source: Indian Oil
The oil marketing companies - Bharat Petroleum, Indian Oil, and Hindustan Petroleum align the domestic fuel prices with that of global benchmarks by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state due to the value-added tax (VAT).
On Thursday, December 31, the last trading day of 2020, brent was trading down 18 cents, or 0.4 per cent, at $51.45 a barrel, as of 0136 GMT and U.S. West Texas Intermediate (WTI) lost 0.1 per cent, or 5 cents, to $48.35 a barrel.