Amidst the continued criticism towards the rising prices of fuel and diesel across India, Oil Marketing Companies (OMC) have paused the fuel prices revision for the ninth consecutive day. However, there is no change in the price of Petrol and Diesel in India.
Oil Prices Expected To Remain Soft As OPEC To Raise Crude Production
As per the latest reports, the OMCs have paused the fuel prices revision. However, this has not changed the retail prices of both Petrol and Diesel as more time is required to study the movement of the oil prices across the world before prices are to be changed.In the past few days, the crude has firmed which could prevent price cuts by the OMCs. One the of the main reasons for the pause in the prices of fuel is because of the 10 percent fall in the global consumption of the oil as the crude oil was rated at $77 per barrel just a few weeks back. However, it went to $69 per barrel and then again rose to $73 per barrel.
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Following this, OPEC has reached an agreement to raise the crude production and the prices for fuel are expected to remain soft. If this continues, the prices of fuel and diesel might see some decline after a long time.
Petrol Prices Cross Rs 100 Marks In All Metro Cities Across India
Fuel prices in India have led to protests and heated debates and criticisms against the governments. As of Monday, petrol costs Rs 101.84 per liter and diesel cost Rs 89.87 per liter in Delhi.
Similarly in Mumbai, petrol costs Rs 107.83 per liter, and diesel cost Rs 97.45 per liter. The prices have remained unchanged since May 1.
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Since April 2020, petrol prices have increased by Rs 32.25 per liter from Rs 69.59 a liter to Rs 101.84 a liter now in Delhi. And the diesel prices have increased by Rs 62.29 to Rs 89.87 per liter.
