Petrol, diesel prices revision maintain pause as OMCs weigh options

Source : IANS 2021-05-03 11:52:26

Fuel prices in the country remained unchanged on Monday as oil marketing companies decided to wait and watch the situation prevailing in the global oil markets for some more time before restarting daily revision of petrol and diesel prices.

Sources indicated that price revisions may begin anytime now as oil companies have already increased ATF prices by 6.7 per cent beginning this month. However, whether prices of petrol and diesel would move up or down then would depend on actuals average global price in the last fortnight of March.

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 Monday, pump prices of petrol and diesel remained at Rs 90.40 a litre and Rs 80.73 a litre respective in Delhi. This is 18 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 Monday 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.