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Pause on fuel hike enters Day 6
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Top Stories |
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SME Times News Bureau | 23 Jul, 2021
Oil marketing companies (OMC) continued with the pause
on fuel price revision for the sixth consecutive day on Friday, the
longest brake applied in weeks, as global development on oil production
and rising US inventories softened crude and product prices.
The
OMCs though have not reduced the retail price of petrol or diesel as
more time would be required to study oil price movement before any
downward revision.
With no change in prices, petrol continues to
be sold for Rs 101.84 per litre in the national capital, while diesel is
also being sold at the unchanged rate of Rs 89.87 a litre.
The
pump price of fuel has been static since Sunday. It rose on Saturday
with petrol being revised upwards by 30 paise per litre while diesel
prices remained unchanged.
One of the main reasons for pause in
fuel price rise is an over 10 per cent fall seen in global oil prices
with benchmark crude sliding to $69 a barrel from a high of over $77 a
barrel just couple of weeks back. It had again risen to over $73 a
barrel on strong demand projections.
With OPEC reaching an
agreement to raise crude production, oil prices are expected to remain
soft. This could make way for fuel prices in India to actually fall
after a long interval.
In the city of Mumbai, where petrol prices
crossed the Rs 100-mark for the first time ever on May 29, the fuel
price is at Rs 107.83 per litre. Diesel prices in the city is also at Rs
97.45, the highest among metros.
Petrol prices in all metros have now crossed the Rs 100-per-litre-mark.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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