Fuel prices remain unchanged for 5th day

New Delhi, July 22 Oil marketing companies (OMC) continued the pause on fuel price revision for the fifth consecutive day, the longest period in weeks, as global development on oil production and rising US inventories softened crude and product prices.

Accordingly, in the national capital, petrol continued to be sold at Rs 101.84 per litre, while diesel remained unchanged at Rs 89.87 a litre on Thursday.

The pump price of fuel has been static since Sunday. It rose on Saturday with petrol being revised upwards by 30 paisa per litre while diesel prices remained unchanged.

One of the main reasons for pause in fuel price rise is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just a couple of weeks back. It had again risen a bit to over $71 a barrel.

With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.

In Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel prices in the financial capital is also at Rs 97.45, the highest among metros.

Petrol prices in all metros are above Rs 100 per litre.