News Karnataka
Wednesday, February 08 2023
Business News

With crude fluctuating around $70 a barrel-mark, OMCs keep fuel rates static

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New Delhi: The fluctuation of global oil prices around the lower end of the $70 a barrel mark has ensured relief for the Indian fuel consumers who have been spared of any hike in petrol and diesel prices by the Oil marketing companies (OMC).

Still, in the wait and watch mode, OMCs decided to keep fuel prices static on Friday, the third consecutive day of no price revision.

Accordingly, in the national capital, petrol continued to be sold for Rs 101.49 per litre and diesel Rs 88.92 a litre.

Across the country as well fuel prices remained unchanged on Friday.

After falling, global crude oil prices had firmed up over the past week to cross $72 a barrel mark. It has fallen again to around $ 71 a barrel-mark over concerns on demand downside with a fresh rise in Covid cases and more oil flowing into the market from countries such as Mexico.

Before price revision for auto fuel again began this month, its rates had been static for 35 days between July 18 and August 21.

This pause in prices came after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 8.74 per litre in the national capital.

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