Petrol, diesel prices remain static for 2nd day

NEW DELHI: After price cuts, petrol and diesel prices in the country remained static for a second consecutive day on Thursday as oil marketing companies (OMC) decided to go on pause mode to see global developments in the oil markets before any further revision. Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel at Rs 88.92 a litre.

Across the country as well, fuel prices remained unchanged on Thursday. Global crude oil prices have fallen on past few days but has again firmed up a over $71 a barrel now.

With more barrels set to enter the markets next month and demand conditions remain fluctuating, there may be downward pressure on crude again. But, rising demand in the US and falling inventory levels there could change the pricing momentum. The pump prices of auto fuels were static since July 18.

The long price pause for auto fuels came after rates 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. (IANS)

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