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Consumers have been spared of another increase in fuel prices with oil marketing companies deciding to keep petrol and diesel rates static for fourth consecutive day on the back of softening seen in international oil markets.

Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital. Across the country as well the petrol and diesel price remain unchanged.

After a spike in global oil prices seen over last two weeks with crude price jumping close to $67 a barrel, prices have now fallen to around $ 63 a barrel over indications that production cuts would be eased by oil producers from next month. This, along with continuing pandemic and demand disruptions in few major markets has reduced the pace of oil price rise.

Steady fuel prices comes as a major relief to consumers who have seen their transportation expenses sea rise quickly over past couple of months. Even the trade is feeling the pinch as higher oil prices have impacted pricing of several goods and services.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, price have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol prices is just Rs 2.4 per litre short (Rs 97.57 a litre) of touching three digit mark of Rs 100 per litre for the very first time ever. Diesel prices in the city is closing on on Rs 90 a litre (Rs 88.60 a litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products' prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilise. The petrol and diesel prices have 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.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.