No fuel price hike on Friday

New Delhi: Oil marketing companies kept the retail price of petrol and diesel unchanged on Friday to analyse the global oil price movement before making further revisions.

Accordingly, petrol continues to be priced at Rs 101.54 a litre and diesel 89.87 a litre in the national capital.

On Thursday, oil companies raised the price of petrol and diesel by 35 paise and 15 paise per litre respectively in the National capital taking the fuel rates to new highs.

Across the country as well the fuel prices remained unchanged on Friday but the rates varied depending on the level of local taxes in states.

Starting from a price line of Rs 90.40 a litre on May 1, petrol is now priced at Rs 101.54 a litre in the national capital, rising by a sharp Rs 11.14 per litre in the last 77 days. Similarly, diesel price in the capital also rose by Rs 9.14 per litre in the past two months to reach Rs 89.87 a litre in the capital.

With the price rise over the past two months, fuel rates have been revised upwards in 30 out of 77 days between May, June and July up to now to take the retail rates to new highs across the country. It had remained unchanged for 37 days.

Consumers can now only expect that any further raise in fuel price is checked as OMCs start cutting the retail price of petrol and diesel over the next few days to provide relief. This may be possible with global crude prices falling to just over $73 a barrel now from a high of over $77 a barrel just 10 days back.