OMCs keep fuel rates unchanged as global oil prices ease

Oil marketing companies (OMC) kept petrol and diesel rates unchanged on Sunday as international crude oil prices have started to recede.

This was the 22nd day of pause in the fuel price change.

Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly breaching to $77 a barrel, and then fall below $70 a barrel to cross $75 a barrel later in the month.

Currently, the October contract of Brent crude oil on the Intercontinental Exchange is at $70.70 per barrel.

The oil prices have declined on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.

With no price increase by OMCs, in the national capital, petrol continued to sell at Rs 101.84 per litre, while diesel was unchanged at Rs 89.87 a litre on Saturday.

The pump price of fuel has been static since July 18.

In the city of Mumbai, where petrol prices crossed the Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among metros.

Petrol prices in all metros have now crossed the Rs 100 per litre-mark. In Chennai, petrol is priced at Rs 102.49 a litre and in Kolkata Rs 101.08 a litre. Diesel is also priced at Rs 94.39 and Rs 93.02 per litre in both cities respectively.

The long price pause has come after fuel prices increased on the 41 days in the current financial year. The 41 increases have taken up petrol price by Rs 11.44 per litre in Delhi. Similarly, diesel prices have increased by Rs 9.14 per litre in the national capital.

Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel prices were also reduced by 16 paise per litre in Delhi on July 12.

Since April 2020, petrol prices have increased by Rs 32.25 per litre from Rs 69.59 a litre to Rs 101.84 a litre now in Delhi. Similarly, diesel prices during the period have increased by Rs 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.