Fuel prices remain static for 17 days in a row

New Delhi: The oil marketing companies (OMC) continued to pause fuel price revision for the seventeenth consecutive day on Tuesday, the longest period in weeks, as wait and watch continues amidst fluctuating global crude prices. Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Tuesday.

The pump price of fuel has been static since July 18. 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 earlier last month. It, however, rose again to over $75 a barrel on strong demand projections but has softened again around $72 a barrel now.

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 the city of 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 price in the city is also at Rs 97.45, the highest among metros. Petrol prices in all metros have now crossed Rs 100 per litre mark.