Fuel prices unchanged on Wednesday after hitting record levels nationwide

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New Delhi, Jan 20 | Petrol and diesel prices remained unchanged on Wednesday after oil marketing companies went on a pause mode to provide relief to consumers after prices of auto fuels went up consistently for the past few days.

Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained same at Rs 75.38 a litre.

Across the country as well pump prices of petrol and diesel remained unchanged on Wednesday.

Petrol and diesel prices had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise.

The pump price of petrol and diesel has increased by Rs 1.49 and Rs 1.51 per litre respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on five different days since then.

The last two days of increase in pump prices in petrol and diesel has taken the prices to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices that had again crossed $56 a barrel mark.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

Source: IANS

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