Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
The fuel prices in the country remained unchanged on Wednesday as oil marketing companies kept petrol and diesel prices static for over a fortnight now.
Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre, respectively, in the capital.
Petrol and diesel fell by 22 paise and 23 paise per litre respectively last week on in March 30 in wake of global softening of oil prices.
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The OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged.
In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.
Officials in public sector oil companies said that retail price may rise again if crude and product prices pick up but for now it will fall or remain static for few more days.
Earlier, the petrol and diesel prices 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.
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