Fuel prices remain unchanged for fourth consecutive day; petrol nears Rs 108 in Mumbai

The oil marketing companies (OMC) continued to pause fuel price revision for the fourth consecutive day, the longest period in weeks, as global development on oil production has softened crude and product prices.

Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.

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

In Chennai, petrol is priced at Rs 102.49 per litre while the price of diesel is Rs 94.39 per litre. The price of petrol in Kolkata is Rs 102.08 per litre while diesel is sold at Rs 93.02 per litre.

Petrol and diesel prices have been static since Sunday. It rose on Saturday with petrol being revised upwards by 30 paise per litre while diesel prices remained unchanged.

One of the main reasons for pause in fuel price rise is over 10 per cent fall in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just couple of weeks back. With OPEC reaching an agreement to raise crude production, oil prices may slide further. This could make way for fuel prices in India to actually fall after a long interval.

Several political parties have protested against the increasing fuel prices across the country. Political leaders including BSP chief Mayawati, Maharashtra Deputy CM Ajit Pawar, Congress leader Rahul Gandhi and West Bengal CM Mamata Banerjee have raised concerns over the rising fuel prices and demanded its reduction.

(With inputs from Agencies)

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