11C
Delhi
Sunday, January 24, 2021

Oil companies halt auto fuel price rise as crude firm but static

- Advertisement -

Festivities boost diesel sales in Oct, demand up over last yearNew Delhi, Dec 13 (IANS) Petrol prices march towards all time high levels has been temporarily halted by the oil marketing companies (OMCs) as they chose to keep the retail rates of petrol and diesel static for sixth consecutive day even though global oil prices remained firm with crude close to $50 a barrel.

Accordingly, there was no change in retail price of auto fuels on Sunday with price of petrol remaining at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi. Across the country as well the price of the two petroleum products remained unchanged.

OMCs have gone on a pause mode at a time when news of successful coronavirus and expectations of big pick up in demand had kept crude on the boil with prices breaching $50 a barrel mark. Crude, however, has remained static for late few days reducing any pressure on upward revision in fuel prices.

READ ALSO:  Rising fears of Covid-19 spread subdue Indian equity markets

Petrol prices was very close to breaching the all time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on Monday. But the March has been halted ever since then with no price revision by the OMCs.

Global crude prices have risen almost $10 a barrel in last one month to reaching over $50 a barrel now. But even at this level, it is far less than than average crude price of $80.08 a barrel in October 2018 when petrol prices reached highs of Rs 84 a litre in the Capital.

READ ALSO:  Industry seeks special package for metal, mining sectors post lockdown

With Sunday’s pause, fuel prices have now increased on 15 of the past 24 days with petrol prices rising by Rs 2.65 per litre and diesel by 3.41 a litre.

Petrol prices had been static since September 22, and diesel rates hadn’t changed since October 2.

READ ALSO:  With rising diesel prices more trouble for transport sector

Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspend ended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

Shah launches Ayushman CAPF scheme for 28L lakh central force personnel

Guwahati, Jan 23 (IANS) Union Home Minister Amit Shah on Saturday launched the 'Ayushman CAPF' plan, extending the healthcare benefits of the Central health...

Properly cooked poultry meat, eggs safe to eat: FSSAI

New Delhi, Jan 23 (IANS) A document issued by the Food Safety and Standards Authority of India suggests that proper cooking inactivates the bird...

Bird flu outbreak reported in 13 states so far: Centre

New Delhi, Jan 23 (IANS): Cases of bird flu have been confirmed in 13 states so far of which of which Avian Influenza has been...

Imposition of Emergency has long lasting impact on generations: Justice Ramana

By Sumit Saxena (IANS) Justice N.V. Ramana of the Supreme Court, the judge who is due to become the next Chief Justice of India (CJI),...