Presenting itself as a glimmer of hope, the retail prices of fuel on Tuesday remained unchanged. The oil marketing companies kept the price of petrol and diesel unchanged to analyse the global oil price movement before making further revisions. In New Delhi, with price pause, petrol continues to be sold at Rs 101.19 a litre and diesel at 89.72 a litre.
After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over the continuation of production cuts and demand concerns over rising Covid cases in several European countries.
On Monday, oil companies had raised the price of petrol but reduced diesel prices marginally to provide respite to the transport sector.
Across the country as well the fuel prices remained unchanged on Tuesday but the rates varied depending on the level of local taxes in states.
Starting from a price line of Rs 90.40 a litre on May 1, petrol is now priced at Rs 101.19 a litre in the national capital, rising by a sharp Rs 10.79 per litre in the last 74 days. Similarly, diesel prices in the capital also rose by Rs 8.99 per litre in the past two months to reach Rs 89.72 a litre in the national capital from a level of Rs 80.73 a litre in early May.
With the price rise over the past two months, fuel rates have been revised upwards in 39 out of 74 days between May, June and July up to now to take retail rates to touch new highs across the country. It had remained unchecked for 35 days.
Consumers can now expect that any further rise in fuel price is checked only if OMCs start cutting the retail price of petrol and diesel over the next few days to provide relief.