Petrol, diesel rates nearing a month without any revision

Petrol and diesel prices in the country remained static for the 28th consecutive day on Saturday.

Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Saturday.

Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.

Global crude prices have now softened to just below $71 a barrel after it swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $70 a barrel and crossing $75 a barrel later in the month.

Lower oil and product prices prices should have actually resulted in consumers getting relief by way of a cut in retail price of petrol and diesel. Rather, the OMCs have decided it's best to wait and watch the disruption now as crude price are still swinging.

The pump price of fuel has been static since July 18.

In the city of Mumbai, where petrol prices crossed 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 thee Rs 100 per litre mark. In Chennai, petrol is priced at Rs 102.49 a litre and in Kolkata it is Rs 101.08 a litre. Diesel is also priced at Rs 94.39 and Rs 93.02 per litre in both cities, respectively.

The long pause has come after fuel prices increased on 41 days in the current financial year.