New DELHI: Oil marketing companies went on price cut for the first time this year on two consecutive days i.e. on March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30.
Subsequently, pump prices of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the national capital. This is the sixth consecutive day when fuel prices have remained unchanged.
Petrol and diesel fell by 22 paise and 23 paise per litre respectively last week on Tuesday in the wake global softening of oil prices. Oil marketing companies have decided to pause price revision as they want to watch the crude price movement that has now fallen to around $64 a barrel from remaining above this level in much of the last week.
Across the country as well the petrol and diesel prices remain static on Monday but its retail levels varied depending on the level of local levies in respective states.
In Mumbai petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.
Sources said that oil companies took time to revise petrol and diesel prices downwards earlier as they were covering up for losses incurred on its sale when crude was high and retail prices remained static. The current reduction in retail prices has not helped in bringing down fuel prices that have crossed Rs 100 per litre (petrol) mark in several parts of the country and continues to remain above the levels even now.
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