Funding a war
Fuel economics can be quirky not the least because Russia’s oil revenue has risen sharply despite the sanctions. Indeed, oil prices, according…
Fuel prices in the country remained unchanged on Tuesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for a fortnight now.
Accordingly, pump prices of petrol and diesel remained at previous day’s level of Rs 90.56 and Rs 80.87 a litre respectively in the national capital.
However, the two petroleum products may see revision again post conclusion of ongoing state elections. With crude remaining below $65 a barrel, any softening on global oil in wake of a fresh wave of the pandemic and rising oil stocks in US could actually mean lower petrol and diesel prices for consumers in India.
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Before the long drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively on March 30. The OMCs have decided to pause price revision since then as they want to watch the crude price movement that has now fallen to around $63.5 a barrel.
Across the country as well the petrol and diesel prices remain static on Tuesday but its retail levels varied depending on the level of local levies on respective states.
In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.
The OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
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