Petrol prices unchanged across metros for 8th day

In the national capital, petrol was sold for Rs 91.17 per litre on Sunday.

Similarly, in Mumbai, Chennai and Kolkata, the fuel was priced at Rs 97.57, Rs 93.11 and Rs 91.35 per litre, respectively, all unchanged from the previous levels.

The surge in the retail prices comes despite a surge in crude oil prices. Brent crude futures are currently over $69 per barrel.

After a spike in global oil prices seen over the last two weeks with crude price jumping close to $67 a barrel, prices had fallen to around $63 a barrel but it rose again to cross $69 a barrel mark now after the OPEC+ decision to continue with crude production cut in April.

In tandem with petrol prices, diesel prices too were unchanged in Delhi, Mumbai, Chennai and Kolkata at Rs 81.47, Rs 88.60, Rs 86.45 and Rs 84.35 per litre, respectively.

Petrol and diesel prices have been rising continuously since February 9.

In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.

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