New Delhi: Oil marketing companies (OMC) on Monday continued to hold fuel price revisions for the ninth consecutive day, the longest in weeks, as global growth on oil production and rising US inventories softened crude oil and product prices.
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision.
Crude oil has gained a little in the last few days and this may prevent further price cut by OMCs.
Remain no changes in the price on Monday, petrol is being sold at Rs 101.84 per liter in the national capital, while diesel is also being sold at an unchanged price of Rs 89.87 per litre.
The fuel pump price has been stable since July 18. The day before this, petrol was hiked by 30 paise per liter, while there was no change in diesel prices.
Global oil prices have fallen by more than 10 per cent, one of the main reasons for the stagnation in fuel prices, with benchmark crude falling to $69 a barrel from $77 a barrel a few weeks ago. It again rose to $73 a barrel on strong demand projections.
With OPEC reaching an agreement to increase crude production, oil prices are expected to remain soft. This could actually lead to a fall in fuel prices in India after a long gap.
Petrol prices in all metros have now crossed the Rs 100 per liter mark.
The prices have come to a standstill after a 41-day increase in fuel prices and 46 days since May 1.
The hike of 41 has raised petrol prices in Delhi by Rs 11.44 per litre. Similarly, diesel was increased by Rs 9.14 per liter in the national capital.
Since April 2020, petrol prices in Delhi have increased from Rs 32.25 per liter to Rs 69.59 per liter to Rs 101.84 per litre.
Similarly, diesel prices in the national capital have increased by Rs 27.58 per liter during this period from Rs 62.29 to Rs 89.87 per litre.