Fuel prices stay static, petrol ends month without revision

Petrol completed a month without revision in its retail prices as oil marketing companies (OMC) decided against changing its pump price on Thursday as international product market remained subdued while crude prices remained static.

Along with petrol, oil companies also kept the diesel prices unchanged even though the product has got back on demand cycle this month.

With this, Petrol prices have now been unchanged for 30 days at a stretch while diesel prices were the same for the 20 consecutive days.

Price of petrol in the national capital stood at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.

Diesel prices in Delhi, Mumbai, Chennai and Kolkata continues to be at at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.

Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers.

Global crude prices are holding close to $42 a barrel now. It has been hovering between $40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear among oil producing companies that crude prices may start falling again.