Fuel retailers spared consumers of further increase in fuel prices by keeping retail rates of petrol and diesel unchanged on Wednesday.
The price pause came after the rates were raised on Tuesday, the eleventh increase so far in the month of June.
With fuel prices remaining unchanged on Wednesday, petrol continues to cost Rs 97.50 per litre and diesel Rs 88.23 per litre in Delhi.
Across the country as well the petrol and diesel prices remained static on Wednesday but its actual retail rates varied depending on the level of local levies in respective states.
In the city of Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price reached a new high of Rs 103.63 per litre on Tuesday. It remained at the same level on Wednesday. Diesel is also priced at Rs 95.72 a litre in the city, the highest among metros.
Petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.
Before Wednesday’s price hold, fuel prices increased on Monday, Wednesday, Friday and Sunday in the previous week and on Monday and Tuesday this week. Petrol and diesel prices also increased on four days prior to the previous week too.
With Wednesday’s price pause, fuel prices have now increased on 28 days and remained unchanged on 26 days since May 1. The hike has increased the petrol price by Rs 7.11 per litre in Delhi. Similarly, diesel prices have increased by Rs 7.50 per litre in the national capital.
With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler — the US, retail prices of fuel in India are expected to firm up further in the coming days. The benchmark Brent crude reached a multi-year high level of over $ 75 on ICE or Intercontinental Exchange.