OMCs go on pause mode, petrol, diesel prices remain unchanged on Saturday

Petrol and diesel prices in the country remained unchanged on Saturday as oil marketing companies (OMCs) decided to pause the daily revision process and closely study global oil price movement before effecting any change in the domestic market.

Accordingly, petrol price remained at previous days level of Rs 91.27 a litre and diesel Rs 81.73 a litre in the national capital.

Across the country as well, the petrol and diesel price remained static on Saturday but its price levels varied depending on the level of local levies in respective states.

Petrol prices in some states have breached the Rs 100 per litre mark, while premium petrol has been hovering above that level for some time now.

Prior to holding back auto fuel prices, its pump rates had increased sharply on previous four days.

Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre respectively on Wednesday, by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after an 18-day break.

IANS had reported earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.

The oil companies had already increased the ATF prices by 6.7 per cent effective this month.

OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.

In the last fortnight, global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised.

Crude prices have jumped around $69 a barrel now.

The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static.

Thereafter revision of fuel prices have been halted.

The OMCs went on price cut for the first time this year on two consecutive days, March 24 and 25, after keeping oil prices steady for past 24 days.

It again reduced the price on March 30.

Thereafter, fuel prices have remained unchanged for past 15 days before falling again on April 15.

In all, petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so far.

Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively, so far this year.

With global crude prices at around $ 69 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up.

--IANS

sn/ksk/