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Petrol, diesel prices revision maintain pause as OMCs weigh options

Fuel prices in the country remained unchanged on Monday as oil marketing companies decided to wait and watch the situation prevailing in the global oil markets for some more time

petrol | diesel | OMCs

IANS  |  New Delhi 

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in the country remained unchanged on Monday as oil marketing companies decided to wait and watch the situation prevailing in the global oil for some more time before restarting daily revision of and prices.

Sources indicated that price revisions may begin anytime now as oil companies have already increased ATF prices by 6.7 per cent beginning this month. However, whether prices of and would move up or down then would depend on actuals average global price in the last fortnight of March.

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

With no price change on Monday, pump prices of and remained at Rs 90.40 a litre and Rs 80.73 a litre respective in Delhi. This is 18 consecutive day when have not been revised.

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 kept its prices static. Thereafter revision of fuel prices have been halted.

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

Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.

The 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 over $ 66 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, May 03 2021. 12:29 IST