Petrol, diesel prices revision goes on pause for 3rd consecutive day

Oil marketing companies on Friday continued on the pause mode and decided against revising petrol and diesel after cutting its retail rates on Tuesday.

Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.

Petrol and diesel fell by 22 paisa and 23 paisa per litre respectively on Tuesday in wake global softening of oil prices. OMC have decide to pause price revision as crude has again gained and climbed up to close to $65 a barrel from a lower $ 60 a barrel earlier.

Across the country as well the petrol and diesel prices remain static on Friday but its retail levels varied depending on the level of local levies on respective states.

In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.

The OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Petrol and diesel prices were last revised upwards on February 27 and ever since then retail prices remained unchanged even though during the period crude jumped to over $70 a barrel only to start falling the after to touch close to $ 60 a barrel and is now slightly up at $ 63.5 a barrel. It was cut for the first time this year on March 24 and 25 before revision being put on hold again.