Fuel prices unchanged at record levels for 8th straight day

Prices of petrol and diesel were unchanged for the 8th consecutive day across the four metros on Sunday.

The stagnation in fuel price revision can be attributed to the global developments on oil production and rising US inventories which softened crude and product rates.

International crude prices declined around 10 per cent to $69 a barrel from a high of over $77 a barrel just a few weeks ago. Currently, the Brent crude is above $72 per barrel.

The oil marketing companies, however, stopped short of reducing the retail price of petrol and diesel as more time is required to study the oil price movement before any downward revision. Already, crude has firmed up in last few days and this could prevent decline in prices.

With no change in prices on Sunday, in the national capital petrol continues to be sold for Rs 101.84 per litre, while diesel remains at the unchanged price of Rs 89.87 a litre.

In Mumbai, Chennai and Kolkata, petrol was sold for Rs 107.83, Rs 102.49 and Rs 102.08 per litre, respectively.

Similarly, price of diesel in Delhi, Mumbai, Chennai and Kolkata was at Rs 89.87, Rs 97.45, Rs 94.39 and Rs 93.02 a litre, respectively.

The over-a-week-long price pause comes after fuel prices increased on 41 days and remained unchanged on 44 days since May 1.