New Delhi, March 11 (TIWN) Oil marketing companies have spared consumers of any further increase in pump prices of petrol and diesel as state elections and stable global oil market have prevented any revision at this juncture.

Oil marketing companies - Bharat Petroleum, Indian Oil Corporation, and Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any revisions in fuel rates are implemented with effect from 6 am each day. Also, the domestic petrol and diesel prices vary across states due to the value-added tax (VAT).  Fuel prices across the country have witnessed a hike since January 2021 due to a rally in global crude oil prices.