Fuel retailers spared consumers of any further increase in fuel prices by keeping retail prices of petrol and diesel unchanged on Thursday.
Accordingly, petrol continues to cost Rs 92.05 per liter and diesel Rs 82.61 up in Delhi.
Across the country as well, the petrol and diesel price prices remained static on Thursday, but their actual retail prices varied depending on the level of local levies in respective states.
In Mumbai, regular petrol now comes for Rs 98.36 a liter just a few days away from crossing the historic level of Rs 100 per liter.
Petrol prices in some states, including Rajasthan, Madhya Pradesh, and in some places in Maharastra, have breached the Rs 100 per liter mark, while premium petrol has been hovering above that level for some time now.
Before Thursday’s price hold, fuel prices increased for three consecutive days this week up to Wednesday. Petrol and diesel prices also increased on four consecutive days last week
Petrol prices have increased by Rs 1.50 a litre Delhi in May in the seven increases so far. Similarly, diesel prices have risen by Rs 1.88 per litre in capital this month.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $ 69 a barrel now.
With global crude prices at around $ 69 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.