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Consumers May Receive Relief From Frequent Fuel Price Hikes This Month

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Oil marketing companies kept the retail price of petrol and diesel unchanged on Friday to analyze the global oil price movement before making further revisions.

After crossing $77 a barrel, global crude prices have softened a bit,, with differences in oil cartel OPEC over the continuation of production cuts.

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With a price pause on Friday, petrol continues to be priced at Rs 100.56 a liter and diesel at 89.62 a liter in the national capital.

Across the country as well, the fuel prices remained unchanged on Friday. Fuel prices were revised upwards on the previous two days taking the retail price of petrol over the century mark all across the country.

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Starting from a price line of Rs 90.40 a liter on May 1, petrol is now priced at Rs 100.56 a liter in the national capital, rising by a sharp Rs 10.16 per liter in the last 69 days. Similarly, diesel prices in the capital also rose by Rs 8.89 per liter in the past two months to reach Rs 89.62 a liter in Capital.

With the price rise over the past two months, fuel rates have been revised upwards in 37 out of 70 days between May, June, and July up to now to take retail rates to touch new highs across the country.

Consumers can now only expect that any further rise in fuel price is checked as OMCs start cutting the retail price of petrol and diesel over the next few days to provide relief.

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