OIL & GAS

Halt in fuel price revision continues, global oil rates above $75/bbl

Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the 15th straight day. In the national capital, petrol continued to be sold for Rs 101.84 per litre, while diesel was being sold at the unchanged rate of Rs 89.87 a litre on Sunday.

The pump price of fuel has been static since July 18. One of the main reasons for the pause is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 a barrel just a couple of weeks ago. It has again risen close to over $75 a barrel on strong demand projections.

The Brent crude oil is currently around $75.41 per barrel. With OPEC reaching an agreement to raise crude production, oil prices were expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval, it was expected.

In Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among the metros.

Petrol price in all metros has already crossed Rs 100 per litre-mark. The over two week-long price pause comes after fuel prices increased on 41 days and remained unchanged on 49 days since May 1.

Source
ET Energy World
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