Petrol

The OMCs though have not reduced the retail price of petrol or diesel as more time would be required to study oil price movement before any downward revision. With no change in prices, petrol continues to be sold for Rs 101.84 per litre in the national capital, while diesel is also being sold at the unchanged rate of Rs 89.87 a litre. The pump price of fuel has been static since Sunday.

Accordingly, in the national capital, petrol continued to be sold at Rs 101.84 per litre, while diesel remained unchanged at Rs 89.87 a litre on Thursday. The pump price of fuel has been static since Sunday. It rose on Saturday with petrol being revised upwards by 30 paisa per litre while diesel prices remained unchanged.

The benchmark Brent crude that had risen to $77 a barrel late last month has shed more than 10 per cent in the last fortnight to reach a level of $68.85 a barrel now. If the price line remains below $70 a barrel for a few more days, petrol and diesel prices could see a cut in the coming days.

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. One of the main reasons for pause in fuel price rise is over 10 per cent fall in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just couple of weeks back.

In the national capital, petrol was sold for Rs 101.84 per litre, while diesel was also sold at the unchanged price of Rs 89.87 a litre. On Saturday, petrol price was increased by 30 paise, while diesel was kept unchanged. In the city of Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price was at Rs 107.83 per litre on Sunday.

The increase in Covid cases globally have made the oil market uncertain as it has the potential to erode demand quickly. The benchmark Brent crude declined by 3 per cent to settle at around $73 a barrel, while US crude has fallen by about 4 per cent to settle at about $71 a barrel. The fall this month has come after crude fell in the previous eight months as the global economy recovered from the pandemic.

However, unlike uniform price movement earlier, oil marketing companies on Thursday continued with their practice adopted more than two months back to increase the price of petrol a tad higher than diesel offering some relief to the transport sector. Accordingly, while the price of petrol increased by 35 paise to Rs 101.54 a litre in Delhi, diesel prices increased by only 15 paise per litre to Rs 89.87 a litre in Delhi.

After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts and demand concerns over rising Covid cases in several European countries. The oil marketing companies kept the retail price of petrol and diesel unchanged on Tuesday to analyse the global oil price movement before making further revisions.

Before Monday, the retail prices of petrol and diesel rose by a sharp 35 paise and 26 paise per litre on Saturday while it remained unchanged on Sunday. Global cues pushed fuel prices to increase again across the country on Monday adding more misery to the common man already grappling with rising food prices amid shrinking income. Reduced the primp price of diesel for the first time in close to three months.

Petrol and diesel prices remained unchanged across the four metro cities on Sunday. The pause comes after petrol prices were raised by 35 paise on Saturday. In the national capital, petrol is selling at Rs 100.91 per litre, unchanged from its previous levels. Further, diesel prices also remained unchanged in tandem with petrol prices. Fuel prices have so far been increased on 38 days and remained unchanged on 34 days since May 1