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Pause on petrol, diesel price hike for 3rd consecutive day
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SME Times News Bureau | 02 Jul, 2020
Fuel prices seems to have gone for a longer pause after rising in 22 of
the past 26 days as oil marketing companies (OMC) kept the pump prices
of petrol and diesel unchanged again on Thursday.
In the national
capital, petrol price on Thursday stood at Rs 80.43 per litre and
diesel at Rs 80.53 a litre, same level as Tuesday and Wednesday when the
OMCs went for a pause and kept the prices unchanged.
Sources in
public sector oil companies said that consumers could get relief from
the regular price rise of the two petroleum products in the coming days
as the pause for three days now could be replicated in several of the
coming days due to softening of the global oil prices.
Also, the
oil companies have covered most of the shortfall arising when for 82
continuous days (from March 14 to June 6) petrol and diesel prices
remained unchanged while government substantially raised taxes on the
products.
Starting from June 7, petrol price has increased by Rs
9.17 and diesel by Rs 11.14 in the national capital. In the other
cities the magnitude of increase was similar. With global oil prices
remaining around $ 40 a barrel, any fall in oil prices now may result in
fuel consumers actually getting the benefit of a cut in the petrol and
diesel prices.
But oil inventories in the US have fallen and that
may again bump up the prices that could take crude closer to $ 45 a
barrel mark. If this happens, and the price level is sustained for some
time, fuel price could rise further in India.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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