Fuel prices unchanged for fourth day in India over stability in oil market

With global oil market stable for the past few days, consumers in India have been spared of a price rise of auto fuels for the fourth consecutive day.

Oil companies kept petrol and diesel prices unchanged on Thursday taking global cues where benchmark crude oil prices have remained static around $43 a barrel for the past few days now.

In Delhi, diesel continues to be priced at Rs 81.94 a litre while petrol's steady run continues for 30 straight days at Rs 80.43 a litre.

While the price rise had gone for a pause now, sources in oil companies indicated that some increase could be expected later this week or early next week but it would be marginal considering international price movements.

Any reduction in petrol and diesel prices at this juncture looks remote and would depend on oil prices falling consistently from the current levels and hold the trend for few days.

Assuming a steady rupee, every dollar per barrel fall in crude prices could result about 40 paise per litre decrease in petrol and diesel prices and vice versa.

Oil companies resumed the dynamic pricing system for daily revision of the two auto fuels from June 7 after keeping the price unchanged for around 82 days during the lockdown. Since then, while petrol prices have risen by Rs 9.17 a litre, diesel prices have risen by Rs 12.55 a litre in the national capital.--IANS

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