Fuel prices remain unchanged for eighth consecutive day. Longest in three months
Petrol and diesel prices remain unchanged for the eighth consecutive day. This is the longest period when oil marketing companies didn't increase the price of motor fuels since May 3. The last price revision for motor fuel was announced on July 17. Petrol price was increased by 30 paise on that day, while diesel remained unchanged.
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Currently, petrol and diesel in Delhi are selling at ₹101.84 per litre and ₹89.87 for a litre respectively. In Mumbai, the petrol price crossed ₹100 a litre mark on May 29. Currently, the business capital of the country is selling a litre of petrol at ₹107.83. Diesel price in the city is also at ₹97.45, highest among the metros in India.
Among other metros, the petrol price in Chennai is ₹102.49 per litre while the diesel price in the city is ₹94.39 per litre. The price of petrol in Kolkata is ₹102.08 per litre while diesel is priced at ₹93.02 per litre.
One of the key reasons for the fuel price hike rally pause is reduced crude oil price in the international market. The global crude oil price has reduced from $77 a barrel a few weeks ago to $69 a barrel, down by over 10%. The price slump in the international market comes as OPEC+ has decided to increase the production of crude oil.
With OPEC reaching an agreement to increase crude production, oil prices around the world are likely to remain soft. This could eventually result in a drop in oil prices in India. after a long period.
The previous period when oil marketing companies paused the oil price hike rally was during the state assembly elections a few months back. The OMCs then halted the oil price hike for 41 days till May 1.
Petrol and diesel prices have increased incessantly since April 2020. Petrol prices have increased by ₹32.25 per litre in Delhi. Similarly, diesel prices have increased by ₹27.58 per litre in the national capital.