OMCs continue to hold petrol, diesel prices as global crude rates ease

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OMCs continue to hold petrol, diesel prices as global crude rates ease
New Delhi:  Oil marketing companies continued to keep the petrol and diesel prices unchanged for nearly a month now on the backdrop of easing crude oil prices.

On Sunday, petrol price in the national capital continued to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.

Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.

The October contract of Brent crude oil on the Intercontinental Exchange is at $70.59 per barrel.

Lower oil and product prices should have actually resulted in consumers getting relief by way of a cut in retail price of petrol and diesel. Rather, the OMCs have decided it’s best to wait and watch the disruption now, as crude prices are still swinging.

The pump price of fuel has been static since July 18.

In the city of Mumbai, where petrol price crossed Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among metros.

In Kolkata, petrol is sold for Rs 102.08 a litre and diesel is priced at Rs 93.02 per litre.

Petrol price in Chennai was unchanged on Sunday after Rs 3 drop on Saturday in compliance with the state government’s order of a tax cut on the fuel.

Petrol was retailed at Rs 99.47 per litre on Saturday. Diesel price also remained unchanged at Rs 94.39 per litre in Chennai.

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