In Mumbai, the petrol price was unchanged at Rs 107.26 per litre on Wednesday. The cost of diesel was stable at Rs 96.19 a litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil Corporation Limited (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Globally, oil prices ended largely unchanged on Tuesday as tropical storm Nicholas brought heavy rain and power outages in Texas but caused less damage to US energy infrastructure than Hurricane Ida caused earlier this month, according to news agency Reuters.