Consumers can cheer as oil marketing companies (OMC) may actually bring down the retail prices of petrol and diesel this festive season.
Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in retail price of petrol and diesel.
Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil producing companies that crude prices may start falling again.
OMCs in India have been holding on to the retail price of petrol and diesel for close to a month now. Even on Wednesday, the price of two petrol products remained unchanged. With this, petrol prices have now been unchanged for 29 days at a stretch while diesel prices were the same for the 19 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.