BIG RELIEF COMING SOON? Consumers may get respite from frequent fuel price hike

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

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

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

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

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

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

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