OMCs hold petrol, diesel prices as global oil market remains subdued

Oil marketing companies (OMC) kept petrol and diesel prices unchanged across the four metros on Tuesday as global oil prices remained subdued and product prices remained steady.

Petrol prices have been unchanged for 28 days at a stretch while diesel prices were the same for the 18 consecutive days.

Price of petrol in the national capital was at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.

Diesel prices in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.

Domestic fuel prices have been largely subdued off late due to low crude oil prices as global oil demand has been hit amid the pandemic.

Retail sales, however, have picked up with the gradual reopening of the economic activities. First time since lockdown, diesel sale in the country has crossed over the pre-covid level with the country's most widely consumed fuel witnessing a nine per cent year-on-year growth in the first 15 days of October.

The surge in demand after months of subdued sales is the direct result of an increase in the transport activities ahead of the festival season as consumers move out to make those necessary  purchases.

According to official sources, during the first fortnight of October, diesel sales increased by 9 per cent (YoY) to reach 2.65 million tonne. The growth is even more significant at close to 25 per cent in relation to the previous month of September.

In the first 15 days of October, petrol sales also rose, but substantially lower at 1.5 per cent to close to one million tonne.