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Petrol, diesel prices steady even as crude crosses $70/b

Prime News, National, New Delhi, March 8:-Oil marketing companies have spared fuel consumers of yet another petrol and diesel price hike even though the global oil market is on the boil with crude crossing a year high of USD 70 a barrel.

Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital on Monday. Across the country as well the petrol and diesel prices remained unchanged. This is the ninth consecutive day when pump prices of auto fuels have remained unchanged.

After a spike in global oil prices seen over the last two weeks with crude prices jumping close to USD 67 a barrel, prices had fallen to around USD 63 a barrel but it has risen again to cross the USD 70 a barrel mark now after OPEC + decision to continue with crude production cut in April.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while the diesel rate has risen by Rs 4.34 a litre in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

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

-(NAV, Inputs: Agencies)

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