Petrol, diesel prices remain unchanged for eighth consecutive day

The oil marketing companies (OMC) kept the retail price of petrol and diesel unchanged on Sunday for the eighth consecutive day.

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.

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Petrol and diesel prices have been static since July 18. It last increased on July 17 with petrol being revised upwards by 30 paisa per litre, while diesel prices remained unchanged.

One of the main reasons for pause in fuel price rise is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just a few weeks ago.

It had again risen to over $74 a barrel on strong demand projections. With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.

The price pause comes after fuel prices increased on 41 days and remained unchanged on 44 days since May 1. The spikes took up petrol prices by Rs 11.44 per litre in Delhi, while diesel increased by Rs 9.14 per litre.

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

(With inputs from Agencies)