OIL & GAS

Petrol, diesel prices may rise again from next week

Consumers might see fuel prices going up again as oil companies are bracing up to pass the rise in global crude and product prices on retail sales.

Accordingly, petrol and diesel prices may begin their rising trend all over again much to the discomfort of fuel consumers that have faced constant increasing prices since June 7.

The pump price of petrol and diesel had remained unchanged for last one week as oil prices were steady and crude was hovering around $42 per barrel mark for past several days. But with crude price now rising and inching towards $45 per barrel mark, oil companies said that they will be left with no option but to raise retail prices of petrol and diesel.

“We will observe the price movement for next couple of days and if oil prices remains firm, a decision may be taken to revise retail product prices again under the daily price revision mechanism,” said an executive of a public sector oil company on condition of anonymity.

Source
ET Energy World
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