Petrol, Diesel prices: No change in fuel rates for 15 consecutive days due to stable global oil prices

Petrol, diesel prices have remained steady for about half of the current month as stable global oil prices have ensured that oil marketing companies did not revise retail fuel prices. Diesel price has stayed at the same level since last October 3, completing 15 days when the fuel did not see any revision. Petrol price has been stable for a longer period, completing 25 days on Saturday.

With no revision in fuel prices on Saturday, in the national capital, diesel continues to be priced at Rs 70.46 per litre. Similarly, prices of the fuel In Mumbai, Chennai and Kolkata, is also stable at Rs 76.86, Rs 75.95 and Rs 73.99 respectively. 

The price of petrol in Delhi, Mumbai, Chennai and Kolkata remains at Rs 81.06, Rs 87.74, Rs 84.14 and Rs 82.59 per litre respectively.

Petrol and diesel prices saw a lot of volatility in the months of July, August and September when prices moved up and down at frequent intervals with diesel prices witnessing steep fall lately. 

The development in the fuel market is in line with the movement of global oil prices. Crude prices remained soft for most of the previous weeks and fell almost 10 per cent to close to $ 40 a barrel a week back. In the last few days, it has risen and is now around $ 42 a barrel.

Continuing coronavirus pandemic has impacted oil demand and pushed down prices in the absence of any other trigger to lift the markets.