Oil marketing companies (OMC) kept petrol and diesel prices unchanged across the four metros on Thursday as global oil prices remained subdued and product prices remained steady. Petrol prices have been unchanged for 20 days at a stretch while diesel prices were the same for the 30 consecutive days.
Price of petrol in Delhi was at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.
Diesel prices in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.
State-owned fuel retailers revise rates of petrol and diesel on a daily basis, aligning them with international oil prices and foreign exchange rates.
Domestic fuel prices have been largely subdued off late due to low crude oil prices as global oil demand has been hit amid the pandemic.
Retail sales, however, have picked up with the gradual reopening of the economic activities. First time since lockdown, diesel sale in the country has crossed over the pre-covid level with the country’s most widely consumed fuel witnessing a nine per cent year-on-year growth in the first 15 days of October.
The surge in demand after months of subdued sales is the direct result of an increase in the transport activities ahead of the festival season as consumers move out to make those necessary purchases.
Meanwhile, crude oil futures on Wednesday fell by 0.33 per cent to Rs 3,035 per barrel as participants reduced their positions on low demand.
On the Multi Commodity Exchange, crude oil for November delivery eased by Rs 10, or 0.33 per cent, to Rs 3,035 per barrel with a business volume of 2,800 lots. However, crude oil for December delivery was quoting higher by Rs 34, or 1.11 per cent, at Rs 3,084 per barrel with an open interest of 24 lots. West Texas Intermediate crude oil fell by 1.25 per cent to USD 41.18 per barrel, while Brent crude was trading lower by 1.34 per cent at USD 42.58 per barrel in New York.
