No change in petrol, diesel prices for 16 straight days

The oil marketing companies (OMCs) continued to pause fuel price revision for the sixteenth consecutive day on Monday, the longest period in weeks, as wait and watch continues amidst rising global crude prices.

Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Monday.

The pump price of fuel has been static since July 18.

One of the main reasons for pause in fuel price rise is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel earlier last month. It had again risen close to around $75 a barrel on strong demand projections.

With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.

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