With global oil market stable for the past few days, consumers in India were spared an increase in prices of auto fuels for the third consecutive day on Wednesday.
Oil companies kept petrol and diesel prices unchanged, taking global cues wherein benchmark crude oil prices have remained static around $43 a barrel for past few days.
In Delhi, diesel continues to be priced at Rs 81.94 a litre while petrol’s steady run continued for the 29th straight day at Rs 80.43 a litre.
While the price rise has gone for a pause now, sources in oil companies indicated that some increase could be expected this week as well though it would be marginal considering the international price movements.
Any reduction in petrol and diesel prices at this juncture looks remote and would depend on oil prices falling consistently from the current levels and then holding the trend for a few days.
Assuming a steady rupee, every dollar per barrel fall in crude prices could result in about 40 paisa per litre decrease in petrol and diesel prices and vice versa.
Oil companies resumed the dynamic pricing system for daily revision of the two auto fuels from June 7 after keeping the price unchanged for around 82 days during the lockdown. Since then, while petrol prices have risen by Rs 9.17 a litre, diesel prices have risen by Rs 12.55 a litre in the National Capital.