Steady oil prices holds up any reversion in petrol diesel prices

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New Delhi: Steady oil prices hold up any reversion in petrol-diesel prices. The pump prices of auto fuels petrol and diesel remained unchanged on Saturday as softer global crude and product prices prevented oil marketing companies from carrying out any revision in prices. Steady oil prices hold up any reversion in petrol-diesel prices. With this, Petrol prices have now been unchanged for 32 days at a stretch while diesel prices were the same for the 22 consecutive days.

The price of petrol in the national capital stood at Rs 81.06 per liter. In Mumbai, Chennai, and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14, and Rs 82.59 per liter, respectively.

Diesel prices in Delhi, Mumbai, Chennai, and Kolkata continue to be at Rs 70.46, Rs 76.86, Rs 75.95, and Rs 73.99, respectively.

Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, the crude prices could fall in the coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in the retail price of petrol and diesel.

Global crude prices are holding close to $42 a barrel now. It has been hovering between $40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear among oil-producing companies that crude prices may start falling again.

–IANS

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