No change in petrol, diesel prices on Thursday
The Oil Marketing Companies (OMCs) paused the daily price revision on Thursday and kept fuel prices static.
Petrol is selling at Rs 101.19 per litre in the national capital. Similarly, price of the fuel in the other key metros of Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively.
Prices vary from state to state based on local taxes. Rates are reviewed and revised on a daily basis and made effective from 6 am every morning.
However, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also made companies keep the increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.
Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of a cut in days ahead as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.
After touching $74 a barrel-mark last week, benchmark Brent crude is marginally lower now at over $72 a barrel.
In tandem with petrol prices, diesel prices also were unchanged on Thursday. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre respectively.
The Economic Times 09-09-2021