OMCs keep petrol, diesel prices static as global crude stable

Accordingly, pump prices of petrol and diesel remained at Rs 90.40 a litre and Rs 80.73 a litre respective in Delhi.

The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively last week on Thursday after a 15 day break when OMCs kept its prices static.

Across the country as well the petrol and diesel price remained unchanged on Friday but its retail levels varied depending on the level of local levies on respective states.

Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.

The OMCs went on price cut for the first time this year on two consecutive days - March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for past 15 days  before falling again on April 15. In all petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so far.

Earlier, petrol and diesel prices 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.

With global crude prices at around  $ 66 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up. OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.