Petrol, diesel prices static even as crude prices firm

Fuel prices in the country remained unchanged on Wednesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for over a fortnight now.

Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.

With crude remaining below $ 65 a barrel, any softening on global oil in the wake of a fresh wave of the pandemic and rising stocks in the US could actually mean lower petrol and diesel prices for consumers in India. But crude has firmed up in the last couple of days.

Before the long drawn pause, petrol and diesel fell by 22 paise and 23 paise per litre respectively on March 30 in the wake global softening of oil prices. OMC have decided to pause price revision since then as they want to watch the crude price movement.

Across the country as well the petrol and diesel prices remained static on Wednesday but its retail levels varied depending on the level of local levies on respective states.

In Mumbai, petrol continued to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continued to remain over Rs 100 a litre in the city as is the case with several 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 the past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged.

Earlier, the 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.