Longest pause in weeks, no change in fuel prices for 3 days

The oil marketing companies (OMC) continued to pause fuel price revision for the third consecutive day, the longest period in weeks, as global development on oil production has softened crude and product prices.
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.

The pump price of fuel has been static since Sunday. It rose on Saturday with petrol being revised upwards by 30 paise per litre while diesel prices remained unchanged.

One of the main reasons for pause in fuel price rise is over 10 per cent fall in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just couple of weeks back.

With OPEC reaching an agreement to raise crude production, oil prices may slide further. This could make way for fuel prices in India to actually fall after a long interval.

In the city of Mumbai, where petrol price crossed Rs 100 mark for the first time on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among metros.

Petrol prices in all metros have now crossed Rs 100 per litre mark.-IANS