Relief for consumers as fuel rates remain static on Tuesday

New Delhi: 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.

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.

With price pause on Tuesday, petrol continues to be sold at Rs 101.19 a litre and diesel at 89.72 a litre in the national capital.

On Monday, oil companies had raised the price of petrol but reduced diesel prices marginally to provide respite to the transport sector.

Across the country as well the fuel prices remained unchanged on Tuesday 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 101.19 a litre in the national capital, rising by a sharp Rs 10.79 per litre in last 74 days. Similarly, diesel price in the capital also rose by Rs 8.99 per litre in the past two months to reach Rs 89.72 a litre in the national capital from a level of Rs 80.73 a litre in early May.

With the price rise over past two months, fuel rates have been revised upwards in 39 out of 74 days between May, June and July up to now to take retail rates touch new highs across the country. It had remained unchecked on 35 days.

Consumers can now expect that any further rise in fuel price is checked only if OMCs start cutting the retail price of petrol and diesel over the next few days to provide relief.