Monday came as a relief for consumers as oil marketing companies (OMC) decided against rising prices of petrol and diesel. The OMCs took the decision to pause the price sike to see how the global oil market unfolds.
As a result, the petrol price in Delhi remained Rs 105.84 a litre. Similarly, the petrol price in Mumbai continued at 111.77 per litre.
As for diesel, the price remained at Rs 94.57 in Delhi per litre and Rs 102.52 a litre in Mumbai.
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The prices of petrol and diesel have been paused after the daily hike for four consecutive days. The fuel prices were not hiked on October 12 and 13 but for the next four days, there was a daily hike in petrol, diesel prices.
Diesel prices have increased on 19 out of the last 24 days taking up its retail price by Rs 5.95 per litre in Delhi.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 16 of the previous 20 days taking up its pump price by Rs 4.65 per litre.
Crude price has been on a surge rising over three year high level of over $85.7 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
