Petrol, diesel prices unchanged for 5th straight day

After being revised downwards three times last month, petrol and diesel prices are unchanged for the 5th consecutive day on Sunday. With this, petrol and diesel prices in Delhi remains ₹90.56 per litre and ₹80.87 a litre respectively.

Among other cities, the price of petrol in Mumbai, Chennai and Kolkata on Sunday were ₹96.98, ₹92.58 and ₹90.77 per litre, respectively. Diesel prices in these cities are ₹87.96, ₹85.88 and ₹83.75 per litre, respectively.

The last price reduction by the oil marketing companies across the country was on March 30, 2021, when petrol and diesel prices were reduced by 22 paise and 23 paise respectively. This price reduction was attributed to the global softening of crude oil prices in light of the resurging Coronavirus cases that are impacting the fuel demand and increasing restrictions on mobility around the world as well.

However, as crude prices were increased again limbed up to close to $64 a barrel from a lower $ 60 a barrel earlier, the oil marketing companies decided to keep the pricing of the motor fuels steady after March 30. Prior to that, the oil companies slashed the pricing of motor fuels on March 24 and March 25 consecutive.

The last price reduction before that was announced on March 16, 2020. Since then the price of motor fuels has increased substantially. The last upward price revision for petrol and diesel was on February 27, right before the announcement of the state assembly elections.

In recent times, petrol and diesel prices shot to sky-high due to the international crude oil price hike and the high taxes imposed by the state and central governments. The state and central governments contribute nearly 60% of the retail price for motor fuels along with dealer commission.

At many places in Rajasthan, Madhya Pradesh and Maharashtra petrol price crossed ₹100 per litre mark for the very first time.