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Petrol, diesel prices remain unchanged for over a week
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SME Times News Bureau | 13 Sep, 2021
Auto fuel prices in the country have maintained stability amidst
softening of global oil prices over rise in production and concerns on
demand.
The oil marketing companies (OMCs) on Monday kept pump
prices of auto fuels petrol and diesel unchanged, the eighth consecutive
day of no revision, and decided to wait and watch the global oil
situation before making further changes.
Accordingly, the prices
of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per
litre in Delhi, according to the Indian Oil Corporation, the country's
largest fuel retailer.
In Mumbai, the petrol price is stable at
Rs 107.26 per litre on Monday, while the diesel rate also remain
unchanged at Rs 96.19 a litre.
Across the country as well, petrol
and diesel prices remained static on Monday but their retail rates
varied depending on the level of local taxes in a particular state.
Under
the pricing formula adopted by oil companies, rates of petrol and
diesel are to be reviewed and revised by them on a daily basis.
The new prices becomes effective from morning at 6 a.m.
The
daily review and revision of prices is based on the average price of
benchmark fuel in the international market in the preceding 15-days, and
foreign exchange rates.
But, the fluctuations in global oil
prices have prevented OMCs to follow this formula in totality and
revisions are now being made with longer gaps.
This has also
prevented companies from increasing fuel prices whenever their is a
mismatch between globally arrived and pump price of fuel.
Fuel
consumers can expect prices to remain unchanged or get some relief by
way of cut in days ahead as global oil is expected to remain soft.
Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement.
The concerns on demand due to the pandemic is also affecting oil prices.
After touching $74 a barrel mark last week, benchmark Brent crude is marginally lower now at around $73 a barrel.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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