OIL & GAS

Fuel price relief as oilcos spare petrol, diesel from price hike

Oil marketing companies on Wednesday gave momentary relief to consumers from skyrocketing fuel prices by keeping retail price of petrol and diesel unchanged. Accordingly, the price of petrol continued to be at Rs 90.93 a litre and diesel Rs 81.32 a litre in the capital.

Elsewhere in the country as well, fuel prices remained unchanged after oil companies increased its pump prices on 13 of the last 16 days. In the 13 increases since February 9, price has gone up by Rs 3.98 per litre for petrol while diesel rate has risen by Rs 4.19 a litre in Delhi.

The price pause on Wednesday may be momentary as global oil prices are on the boil with benchmark Brent crude prices remaining above $ 65 a barrel. The product prices in the international market have also firmed up over restricted supplies and a demand pick up.

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

Source
ET Energy World
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