Petrol, diesel prices remain static for 17 days in a row

OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.

New Delhi: Fuel prices in the country remained unchanged on Saturday as oil marketing companies decided to wait and watch the situation prevailing in global oil markets before before restarting daily revision of petrol and diesel prices.

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

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OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate.

With no price change on Saturday, pump price of petrol and diesel remained at Rs 90.40 a litre and Rs 80.73 a litre respective in Delhi. This is 16 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 price remained unchanged on Saturday but its retail levels varied depending on the level of local levies in 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 past 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 over $67 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up.