Fuel prices remain unchanged for 24th consecutive day
Oil marketing companies (OMC) continued to pause fuel price revision for the 24th consecutive day on Tuesday as wait and watch continue amid the fluctuating global crude prices.
image for illustrative purpose
New Delhi, Aug 10 Oil marketing companies (OMC) continued to pause fuel price revision for the 24th consecutive day on Tuesday as wait and watch continue amid the fluctuating global crude prices.
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month. The oil prices have softened again to under $70 a barrel on the concerns of growing Covid cases, lockdowns in China, slowing industrial recovery globally and rising US oil inventory.
With no price increase by OMCs, 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.
In the city of Mumbai, where petrol prices crossed the 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 city are also at Rs 97.45, the highest among the metros.
Petrol prices in all the metros have now crossed the Rs 100 per litre-mark. In Chennai, petrol is priced at Rs 102.49 a litre and in Kolkata Rs 101.08 a litre. Diesel is also priced at Rs 94.39 and Rs 93.02 per litre in both the cities respectively.
The long price pause has come after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up the petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 9.14 per litre in the national capital.
Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel prices were also reduced by 16 paise per litre in Delhi on July 12.
Since April 2020, petrol prices have increased by Rs 32.25 per litre from Rs 69.59 a litre to Rs 101.84 a litre now in Delhi. Similarly, diesel prices during the period have increased by Rs 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.
