Fuel price increase on hold for second consecutive day

Fuel price increase on hold for second consecutive day

Fuel prices maintained the paused again on Wednesday to the relief of consumers faced with an unprecedented price increase for the past one month, taking retail rates to record highs across India.

In the national capital, petrol continues to be sold at Rs 104.44 per litre and diesel at Rs 93.17 per litre. While in Mumbai, where petrol became costlier by 29 paise per litre on Monday, the retail rates remain static at Rs 110.41, the highest across all the four metro cities. Diesel also costs Rs 101.03 for one litre in Mumbai.

Petrol maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have risen on 12 of the previous 15 days taking up its pump price by Rs 3.25 per litre.

While diesel has increased on 15 out of the last 19 days before the pause taking up the retail price by Rs 4.55 per litre in Delhi. The price pause on Wednesday has come after fuel prices rose consistently for the past seven days taking the rates to all-time highs.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $ 83.5 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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