New Delhi, Jan 17 (IANS) Petrol and diesel prices remained unchanged on Sunday after oil marketing companies decided to wait and watch the global oil price movement before taking the next course of action.
Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices remained at Rs 74.88 per litre.
Across the country as well pump price of petrol and diesel remained static on Sunday.
Auto fuel price rise was on hold for the last five days after petrol and diesel prices had increased on two successive days last week on Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. It again rose Wednesday and Thursday by 25 paise per litre each before price rise has again gone in for a pause since Friday.
The OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia's decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.
At Rs 84.70 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.
The OMCs' patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.
The Oil companies' executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.
New Delhi, March 6 (IANS) Oil marketing companies have spared consumers of yet another petrol and diesel price hike even though the global oil market is on the boil with crude reaching within touching distance of year-high-level of $70 a barrel.
Petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital on Saturday. Across the country too, the petrol and diesel price remained unchanged.
This is seventh consecutive day when pump prices of auto fuels have remains unchanged.
After a spike in global oil prices seen over last two weeks with crude price jumping close to $67 a barrel, prices had fallen to around $63 a barrel but it rose again to cross $69 a barrel mark now after after the OPEC+ decision to continue with crude production cut in April.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, price have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.
The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.