Fuel prices have gone for a longer pause after rising on 22 of the past 27 days as oil marketing companies (OMC) kept the pump prices of petrol and diesel unchanged again on Saturday.
In Delhi, petrol price on Wednesday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, same level as Monday when the OMCs had increased the price of the two fuels by 5 paise and 14 paise respectively. While in Mumbai, the price of petrol is 87.19 rupees a litre and that of diesel 78.83 rupees per litre.
The oil companies have covered most of the shortfall arising when for 82 continuous days (from March 14 to June 6) petrol and diesel prices remained unchanged while government substantially raised taxes on the products.
Starting from June 7, petrol price has increased by Rs 9.17 and diesel by Rs 11.14 in the national capital. In the other cities the magnitude of increase was similar. With global oil prices remaining around $ 40 a barrel, any fall in oil prices now may result in fuel consumers actually getting the benefit of a cut in the petrol and diesel prices.
With global oil prices now again rising climbing over $42 a barrel, there could be instance that petrol and distal price may begin their daily rise again. But for this to happen, the current level of crude price has to be maintained and rise further.
(Inputs from Agencies)
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