Fuel prices unchanged as Covid surge keeps crude stable

Fuel prices in the country remained unchanged on Tuesday as oil marketing companies decided to press the pause mode and analyse the global developments before effecting a revision.

Accordingly, pump price of petrol and diesel remained at Rs 90.40 a litre and Rs 80.73 a litre respectively in Delhi. It is the 13th consecutive day when fuel prices have not been revised.

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 have been halted.

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

Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.

The OMCs went on price cut for the first time this year on two consecutive days — March 24 and 25 after keeping oil prices steady for past 24 days.

Price was again reduced on March 30. Thereafter, fuel prices have remained unchanged for past 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.

Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

With global crude prices at around $66 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up. OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate.

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