Petrol, diesel prices stay static over a month

Petrol and diesel prices in India remained static for the 30th consecutive day. 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 per litre on Monday. The long price pause has come after fuel prices increased for 41 days in the current financial year.

Across the country as well, fuel prices remained unchanged providing some relief to the consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.

Global crude prices have now softened to below $70 a barrel after it swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $77 a barrel, only to fall soon below $70 a barrel and crossing $75 a barrel later in the month.

Lower oil and product prices should have actually resulted in consumers getting relief by way of a cut in the retail price of petrol and diesel. Rather, oil marketing companies (OMCs) have decided to wait and watch the disruption now, as crude prices are still swinging.The pump price of fuel has been static since July 18.

Petrol price in all metros have now crossed the Rs 100 per litre mark. In the city of Mumbai, where petrol price crossed the Rs 100mark for the first time ever on May 29, the price is at Rs 107.83 per litre whereas diesel price in the city is also at Rs 97.45, the highest among metros.In Chennai, it is priced at Rs 102.49 a litre and in Kolkata at Rs 101.08 a litre. Diesel is also priced at Rs 94.39 and Rs 93.02 per litre in both cities respectively.