Fuel price rise pauses after 5 days
New Delhi: Petrol and diesel prices remained unchanged on Wednesday after five straight days of increase in the wake of firming of international oil rates.
Accordingly, petrol price in Delhi stayed at Rs 81.59 a litre while diesel prices continued to stay at Rs 71.41 a litre. In other metros and cities to the pump prices of the two petroleum products remained unchanged from Tuesday's level.
Petrol and diesel prices have been rising since Friday after a nearly two-month-long hiatus in fuel price revision. In five days, petrol price has gone up by 53 paise and diesel rates have risen by 95 paise per litre. Petrol prices had been static since September 22, and diesel rates hadn't changed since October 2.
Though the retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in the international oil markets from impacting fuel prices regularly during the pandemic. But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the patience was lost by OMCs who finally resorted to price increase to cover for their under recovery on the sale of two petroleum products.