New Delhi: Fuel prices in the country remained unchanged on Thursday as oil marketing companies decided to wait until the state elections are over before resuming the daily review of petrol and diesel produced in line with the global price movement.
Sources indicated that price adjustments could begin early next month after state election results are announced. However, whether the price of petrol and diesel will rise or fall will depend on the real average world price during the last two weeks of March.
OMCs measure retail fuel prices to a 15-day rolling average of global refined product prices and dollar exchange rates.
With no price change on Thursday, the pump price of petrol and diesel in Delhi remained at 90.40 Rk per liter and 80.73 Rk per liter respectively. This is 15 consecutive days when fuel prices have not been revised.
The price of the two motor fuels fell by 16 paisa and 14 paisa per liter respectively on 15 April after a 15-day break when the OMCs kept its prices static. Thereafter, the review of fuel prices was halted.
Gasoline and diesel prices remained unchanged across the country on Thursday, but retail levels depended on local levies in the respective countries.
However, premium petrol still remains above Rs 100 per liter in Mumbai and several other cities across the country.
The OMCs continued to cut prices for the first time in two consecutive days this year – March 24 and 25 – after keeping oil prices stable for the past 24 days. This lowered the price again on 30 March. Thereafter, fuel prices remained unchanged for the past 15 days before falling again on 15 April. In all petrol prices, it has fallen by 77 paisa per liter so far in 2021, while diesel has fallen by 74 paisa per liter in 2021.
Earlier, petrol and diesel prices rose 26 times in 2021, with the two motor fuels rising by 7.46 and 7.60 per liter respectively this year.
With a global crude price of more than $ 67 per barrel, OMCs could change fuel prices upwards again if they strengthen further.
Source: Telangana Today