OIL & GAS

No revision in fuel prices for 13th day

Oil marketing companies (OMC) continued to pause fuel price revision for the 13th consecutive day on Friday, the longest period in weeks, as wait and watch continued amid rising global crude prices.

Accordingly, 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 Friday. 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 barrel just couple of weeks back. It had again risen close to over $75 a barrel on strong demand projections.

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 the city of 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 prices in the city is also at Rs 97.45, the highest among metros.

Petrol prices in all metros have already crossed Rs 100 per litre mark.

Source
ET Energy World
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