Petrol, diesel prices unchanged for fifth day in a row

Fuel prices remained unchanged on Saturday making it the fifth consecutive day when pump prices of petrol and diesel have remained static.

Fuel prices have gone for a longer pause after rising on 22 of the past 28 days. The oil marketing companies (OMC) began their daily price revision system from June 7 that kept the petrol and diesel prices to rise continuously by an average 50-60 paise per day.

In the national capital, petrol price on Saturday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, same level as the last four days when OMCs went for a pause and kept the prices unchanged.

Sources in public sector oil companies said consumers could get relief from the regular price rise of the two petroleum products in coming days as the pause for four days now could be replicated if global oil prices remained soft.

Also, the oil companies have covered most of the shortfall when for 82 continuous days (from March 14 to June 6) petrol and diesel prices remained unchanged while the government substantially raised taxes on the products.

But With global oil prices now again rising over $42 a barrel, there could be instance that petrol and diesel prices may begin their daily rise again. But for this to happen, the current level of crude price has to rise further.