Petrol, diesel prices reamian static for 5th day in a row

Fuel prices remained unchanged on Saturday after rising on 22 of the past 27 days. The oil marketing companies (OMC) began their daily price revision system from June 7 that kept the petrol and diesel prices to rise continuously by an average 50-60 paise per day.

In Delhi, petrol price on Wednesday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, same level as of 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.

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Sources in public sector oil companies said consumers could get relief from the regular price rise of the two petroleum products in coming days as the pause for four days now could be replicated if global oil prices remained soft.

Also, the oil companies have covered most of the shortfall when for 82 continuous days (from March 14 to June 6) petrol and diesel prices remained unchanged while the government substantially raised taxes on the products.

But With global oil prices now again rising over $42 a barrel, there could be instance that petrol and diesel prices may begin their daily rise again. But for this to happen, the current level of crude price has to rise further.