Petrol, diesel prices stable amid softening global crude oil

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NEW DELHI: Following a price cut, fuel prices (petrol and diesel) in the country remained unchanged on Wednesday as oil marketing companies decided to go on pause mode to see the global growth in oil markets before any further revision. Accordingly, petrol is being sold at Rs 101.49 per liter and diesel at Rs 88.92 per liter in New Delhi. There was no change in fuel prices across the country on Wednesday. Auto fuel pump prices were stable since July 18.

The prolonged price stagnation for auto fuels came after a 41-day hike in fuel prices in the current fiscal. The 41 hike has raised petrol prices in the national capital by Rs 11.44 per litre. Similarly, diesel rates have increased by Rs 8.74 per liter in the national capital.

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Global crude oil prices have declined in the last few days, but now it is again above $ 70 a barrel. With more barrels set to enter the market next month and volatility in demand conditions persist, crude may again face downward pressure.

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