New Delhi: Petrol prices march towards all-time high levels has been temporarily halted by the oil marketing companies (OMCs) as they chose to keep the retail rates of petrol and diesel static for the sixth consecutive day even though global oil prices remained firm with crude close to $50 a barrel.
Accordingly, there was no change in the retail price of auto fuels on Sunday with the price of petrol remaining at ₹83.71 a litre and diesel ₹73.87 a litre in Delhi. Across the country as well the price of the two petroleum products remained unchanged.
OMCs have gone on a pause mode at a time when news of successful coronavirus and expectations of a big pick up in demand had kept crude on the boil with prices breaching $50 a barrel mark. Crude, however, has remained static for late few days reducing any pressure on upward revision in fuel prices.
Petrol prices were very close to breaching all-time high level of ₹84 a litre (reached on October 4, 2018) when it touched ₹83.71 a litre on Monday. But the March has been halted ever since then with no price revision by the OMCs.
Global crude prices have risen almost $10 a barrel in the last one month to reach over $50 a barrel now. But even at this level, it is far less than the average crude price of $80.08 a barrel in October 2018 when petrol prices reached highs of ₹84 a litre in the Capital.
With Sunday’s pause, fuel prices have now increased on 15 of the past 24 days with petrol prices rising by ₹2.65 per litre and diesel by 3.41 a litre.
Petrol prices had been static since September 22, and diesel rates hadn’t changed since October 2.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspend ended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.