Oil cos to hike fuel prices post polls
Before the long-drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively on March 30. The OMCs have decided to pause price revision since then as they want to watch the crude price movement
image for illustrative purpose
New Delhi: Fuel prices in the country remained unchanged on Tuesday with oil marketing companies (OMCs) continuing on the pause mode and keeping petrol and diesel prices static for a fortnight now. Accordingly, pump prices of petrol and diesel remained at previous day's level of Rs 90.56 and Rs 80.87 a litre respectively in the national capital.
However, the two petroleum products may see revision again post conclusion of ongoing State elections. With crude remaining below $65 a barrel, any softening on global oil in wake of fresh wave of the pandemic and rising oil stocks in US could actually mean lower petrol and diesel prices for consumers in India.
Before the long drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively on March 30. The OMCs have decided to pause price revision since then as they want to watch the crude price movement that has now fallen to around $63.5 a barrel.
Across the country as well, the petrol and diesel prices remain static on Tuesday but its retail levels varied depending on the level of local levies on respective States. In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country. The OMCs 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. 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.
Petrol use jumps in March
Saket Sundria
Petrol demand in India rose to a four-month high in March as millions of people favoured cars over public transport, with one of the world's most populous nations seeing a resurgence in virus cases.
Motor fuel demand rose to 88,380 tonnes per day last month, the highest level since November last year, according to official data. Gasoline sales surged 27 per cent from March last year, when local demand collapsed due to the roll-out of strict lockdowns to stem the spread of Covid-19.
The country's daily overall consumption of oil products fell in March from February, as demand for diesel, the most popular fuel, declined. While the pandemic has provided a shot in the arm for gasoline use, more people are opting for private transport over buses and trains as India suffers a second wave of coronavirus infections which may hamper the oil demand recovery. Government authorities are now mulling a re-imposition of restrictions as the State of Maharashtra faces a surge in infections and widespread vaccine shortages. India has prohibited exports of the drug Remdesivir, used to treat Covid-19, while the streets of Mumbai were deserted. (Bloomberg)
