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OMCs keep petrol, diesel price rise under check on Thursday

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Higher Petroleum Taxes Rescue Govt’s Biggest Ever Economic PackageNew Delhi, Jan 21 (IANS) Petrol and diesel prices remained unchanged on Thursday after oil marketing companies decided to continue their pause in price revision to provide relief to consumers after prices of auto fuels breached record high levels last week.

Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained same at Rs 75.38 a litre.

Across the country as well the pump price of petrol and diesel remained unchanged on Thursday.

Petrol and diesel prices had risen sharply by 25 paise per litre each on Monday and Tuesday before the OMCs decided to give relief to consumers from frequent price rise.

The pump price of petrol and diesel has increased by Rs 1.49 and Rs 1.51 per litre respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices for the first time this year on January 6. The price had been raised on five different days since then.

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The last two days of increase in the pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.

The current price rise is largely on account of steep increase in the central taxes of petrol and diesel and firm crude prices.

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Petrol price 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 December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

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Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuels.

Source: IANS

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