OIL & GAS

Fuel prices remain unchanged for 35 days in unprecedented freeze

The retail prices of petrol and diesel remained unchanged on Monday, continuing a 35-day freeze on the automobile fuel rates across the country in an unprecedented freeze since the state-owned Oil Marketing Companies (OMCs) shifted to a daily price revision regime in June 2017.

Before that the companies followed a system of fortnightly revision of petrol and diesel prices.

The price of petrol in the national capital stands at Rs 69.75 per litre while diesel costs Rs 62.44 per litre. In Mumbai, prices for petrol and diesel stood at Rs 76.31 per litre and Rs 66.21 per litre respectively.

Fuel prices have remained unchanged since 17 March even as global oil and commodity prices have collapsed in the past two months.

The consumption of petrol and diesel in March this year witnessed a steep decline as the ongoing 21-day lockdown has impacted the demand for fuels. Also, fuel demand in April has slumped 50 per cent as compared to the corresponding month a year ago, as the extended national lockdown restricts economic activity and travel.

West Texas Intermediate (WTI), the US crude benchmark, fell below $15 per barrel on Monday, lowest in over two decades. Brent crude prices also dropped to $26 per barrel in early trading.

Oil markets have plunged in the past few weeks even as the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia announced an unprecedented oil production cut starting May.

Source
ET News
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