No change in petrol, diesel prices for 11th consecutive day
In Delhi, price of petrol and diesel remained static at Rs 101.19 and Rs 88.62 per litre respectively. In Mumbai, petrol is selling at Rs 107.26 per litre on Thursday while diesel retailed at Rs 96.19 a litre.
OMCs review and revise prices of petrol and diesel daily and the new pricing regime is effective from 6 a.m. everyday. The rates vary from state to state depending on the extent of local taxes.
The fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever their is a mismatch between globally arrived and pump price of fuel.
Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of a cut in days ahead as global oil is expected to soften again. Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.
After touching $ 74 a barrel-mark couple of weeks back and then falling, benchmark Brent crude prices have bounced back to reach closer to $ 76 a barrel now.
(With inputs from IANS)