Breather to consumers as OMCs pause fuel price rise
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A day after steep increase in retail prices of petrol and diesel, fuel retailers on Saturday spared consumers of any further increase in fuel prices.
Accordingly, petrol continues to cost Rs 92.34 per litre and diesel Rs 82.95 per litre in Delhi.
The price of the two auto fuels increased by 29 paisa and 34 paisa per litre respectively on Friday, the highest in this month.
Across the country as well the petrol and diesel prices remained static on Saturday but its actual retail price varied depending on the level of local levies in respective states.
In Mumbai, petrol now comes for around Rs 98.65 a litre and diesel for Rs 90.11 a litre, according to a price notification from oil marketing companies.
Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharashtra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.
Fuel prices have now increased on four of the last six days rising continuously from Monday to Wednesday, pausing on Thursday and again rising on Friday before a pause again on Saturday. Prior to holding back auto fuel prices on Saturday and Sunday last week, its pump rates had also increased sharply on previous four days as well.
Petrol prices have increased by Rs 1.79 a litre in Delhi in May in the eight increases so far. Similarly, diesel prices have risen by Rs 2.22 per litre in capital this month.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $69 a barrel now.
With global crude prices at around $69 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.
