OMCs pause Petrol, Diesel price Hike for 2nd consecutive Day

TIL Desk/Business/New Delhi/ Oil marketing companies (OMC) hit the pause button on the incessant rise in petrol and diesel prices for the second consecutive day on Monday. Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre and diesel at the unchanged price of Rs 89.87 a litre. On Saturday, petrol price was increased by 30 paise, while diesel was kept unchanged.

On Sunday, oil marketing had kept the price of the two auto fuels unchanged. In the city of Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among metros. Petrol price in all metros have now crossed Rs 100 per litre-mark and OMC officials said that if international oil prices continue to firm up, rates may rise further.

However, on a positive note global crude price have softened over the past few days with OPEC agreeing to pump more oil into the market from August. Also, as a new wave of Covid continues to build across the globe, the concerns on demand destruction is also being anticipated. Benchmark Brent crude stood at less than $73 a barrel on Monday, down from $77 a barrel peak a couple of weeks back.