OMCs go on pause mode as petrol, diesel prices remain unchanged

 Petrol and diesel prices in the country remained unchanged on Saturday as oil marketing companies (OMCs) decided to pause the daily revision process and closely study global oil price movement before effecting any change in the domestic market.

Accordingly, petrol price remained at previous days level of Rs 91.27 a litre and diesel Rs 81.73 a litre in the national capital.

Across the country as well, the petrol and diesel price remained static on Saturday but its price levels varied depending on the level of local levies in respective states.

Petrol prices in some states have breached the Rs 100 per litre mark, while premium petrol has been hovering above that level for some time now.

Prior to holding back auto fuel prices, its pump rates had increased sharply on previous four days.

Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre respectively on Wednesday, by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after an 18-day break.

IANS had reported earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.

The oil companies had already increased the ATF prices by 6.7 per cent effective this month.

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

In the last fortnight, global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised.

Crude prices have jumped around $69 a barrel now.