Petrol, diesel prices remain unchanged for 2nd straight day

New Delhi: Petrol and diesel prices in the country remained unchanged on Sunday as oil marketing companies (OMCs) decided to pause the daily revision process and closely study global oil price movement before effecting any change in the domestic market.

Accordingly, petrol price remained at previous day’s level of Rs 91.27 a litre and diesel at Rs 81.73 a litre in the national Capital. This is the second day running when the pump price of auto fuels has not been revised.

Across the country as well the petrol and diesel price remained static on Sunday but its price levels varied depending on the level of local levies in respective states.

Petrol prices in some states including Rajasthan, Madhya Pradesh have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.

Prior to holding back auto fuel prices, its pump rates had increased sharply on previous four days. Petrol and diesel prices rose by 15 paise and 18 paise per litre respectively on Tuesday, by 19 paise and 21 paise per litre respectively on Wednesday, by 25 and 30 paise respectively on Thursday and by 28 paise and 31 paise per litre respectively on Friday after 18 days break.

IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF price by 6.7 per cent effective this month.

OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range, higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $69 a barrel now.

The price of the two auto fuels had fallen by 16 paise and 14 paise per litre respectively on April 15 after a 15 day break when OMCs kept its prices static. Thereafter revision of fuel prices was halted.

The OMCs went on price cut for the first time this year on two consecutive days – March 24 and March 25 after keeping oil prices steady for 24 days. It again reduced the price on March 30. Thereafter, fuel prices remained unchanged for 15 days before falling again on April 15. In all petrol prices have fallen by 77 paise per litre while diesel by 74 paise per litre in 2021 so far.

With global crude prices at around $69 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.