With global crude fluctuating, OMCs to wait & watch on fuel

New Delhi, Aug. 4 (IANS): Oil marketing companies (OMC) continued to pause fuel price revision for the eighteenth consecutive day on Wednesday as wait and watch continues amidst fluctuating global crude prices.

Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $77 a barrel, only to fall soon below $70 a barrel and crossing $75 a barrel later in the month. The oil prices have softened again to $72.5 a barrel.

With no price increase by OMCs, in the national capital, petrol continues to be sold for INR 101.84 per litre, while diesel is also being sold at the unchanged price of INR 89.87 a litre on Wednesday.

The pump price of fuel has been static since July 18.

In the city of Mumbai, where petrol prices crossed INR 100 mark for the first time ever on May 29, the fuel price is at INR 107.83 per litre. Diesel price in the city is also at INR 97.45, the highest among metros.

Petrol prices in all metros have now crossed INR 100 per litre mark. In Chennai Petrol is priced at INR 102.49 a litre and in Kolkata INR 101.08 a litre. Diesel is also priced at INR 94.39 and INR 93.02 per litre in both cities respectively.

The price pause comes after fuel prices increased on 41 days in the current financial year. The 41 increases have taken up petrol prices by INR 11.44 per itre in Delhi. Similarly, diesel has increased by INR 9.14 per litre in the national capital.

Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel prices were also reduced by 16 paise per litre in Delhi on July 12.

Since April 2020, petrol prices have increased by INR 32.25 per litre from INR 69.59 a litre to INR 101.84 a litre now in Delhi. Similarly, diesel prices during the period have increased by INR 27.58 per litre from INR 62.29 to INR 89.87 a litre in the national capital.