With global crude fluctuating, OMCs to wait & watch on fuel

New Delhi, Aug 4 Oil marketing companies (OMC) continued to pause fuel price revision for the eighteenth consecutive day on Wednesday as wait and watch continues amidst 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 $72.5 a barrel.

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 Wednesday.

The pump price of fuel has been static since July 18.

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. 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 cities respectively.

The price pause comes after fuel prices increased on 41 days in the current financial year. The 41 increases have taken up petrol prices by Rs 11.44 per itre in Delhi. Similarly, diesel has 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.