Fuel prices remain steady; revisions expected next month

The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static.

New Delhi: Fuel prices in the country remained unchanged on Wednesday as oil marketing companies decided to wait for state elections to get over before restarting daily revision of petrol and diesel prices in line with price movement globally.

Sources indicated that price revisions may begin early next month after results to state elections are declared. However, whether price of petrol and diesel would move up or down would depend on average global price in the last fortnight of March.

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With no price change on Wednesday, pump price of petrol and diesel remained at Rs 90.40 a litre and Rs 80.73 a litre respectively in Delhi. This is the 14th consecutive day when fuel prices have not been revised.

The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static. Thereafter revision of fuel prices have been halted.

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

Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other 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 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for past 15 days before falling again on April 15. In all, petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so far.

Earlier, 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.

With global crude prices at around $66 a barrel mark, OMCs may revise fuel prices upwards again if there is any further firming up.