Petrol, diesel prices likely to be revised after poll result: Report

New Delhi: The petrol and diesel prices in the country remained unchanged on Wednesday as oil marketing companies have reportedly decided to wait for state elections to get over before restarting daily revision of petrol and diesel prices in line with price movement globally.

The price revisions may begin early next month after the results of state elections are declared. However, any changes in the current prices would greatly depend on the average global price in the last fortnight of March.

Presently, the pump price of petrol and diesel remained at Rs 90.40 a litre and Rs 80.73 a litre respectively in Delhi. This is the 14th consecutive day when fuel prices have not been revised.

Though the petrol and diesel prices remained unchanged on Wednesday, its retail levels varied depending on the level of local levies on respective states.

Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other 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 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for the past 15 days before falling again on April 15. In all, petrol prices have fallen by 77 paise per litre while diesel by 74 paise per litre in 2021 so far.

Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

With global crude prices at around $66 a barrel mark, OMCs may revise fuel prices upwards again if there is any further firming up.

(With IANS inputs)