With global oil market stable for the past few days, petrol and diesel prices remain unchanged for fourth consecutive day on Thursday. Oil companies kept petrol and diesel prices unchanged, taking global cues wherein benchmark crude oil prices have remained static around $43 a barrel for past few days.
Accordingly, in Delhi, petrol is priced at Rs 80.43 a litre and diesel at Rs 81.94. In Mumbai, the price of petrol is Rs 87.19 a litre and that of diesel is Rs 80.11. In Kolkata, petrol is priced at Rs 82.10 per litre, diesel was retailing at Rs 77.04 per litre. In Chennai, petrol price stood at Rs 83.63 a litre, while diesel was retailing at Rs 78.86 per litre.
Any reduction in petrol and diesel prices at this juncture looks remote and would depend on oil prices falling consistently from the current levels and then holding the trend for a few days. Assuming a steady rupee, every dollar per barrel fall in crude prices could result in about 40 paisa per litre decrease in petrol and diesel prices and vice versa.
Oil companies resumed the dynamic pricing system for daily revision of the two auto fuels from June 7 after keeping the price unchanged for around 82 days during the lockdown. Since then, while petrol prices have risen by Rs 9.17 a litre, diesel prices have risen by Rs 12.55 a litre in Delhi.