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Fuel prices may rise from next week as global crude flares up

10:06 PM Aug 07, 2020 | IANS

Consumers might see fuel prices going up again as oil companies are bracing up to pass the rise in global crude and product prices on retail sales.

Accordingly, petrol and diesel prices may begin their rising trend all over again much to the discomfort of fuel consumers that have faced constant increasing prices since June 7.

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The pump price of petrol and diesel had remained unchanged for last one week as oil prices were steady and crude was hovering around $42 per barrel mark for past several days. But with crude price now rising and inching towards $45 per barrel mark, oil companies said that they will be left with no option but to raise retail prices of petrol and diesel.

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"We will observe the price movement for next couple of days and if oil prices remains firm, a decision may be taken to revise retail product prices again under the daily price revision mechanism," said an executive of a public sector oil company on condition of anonymity.

Diesel continues to be priced at Rs 73.56 per litre in Delhi while petrol price remains static at Rs 80.43 per litre. This price level has been maintained since last Friday when diesel were cut by a sharp Rs 8.38 per litre following Delhi government's decision to reduce VAT on the product from 30% to 16.75%.

This price cut has again made diesel cheaper than petrol in the city after more than month. In fact, diesel is cheaper than petrol in Delhi by the widest margin among all metros now.

—Agencies

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