After Monday’s sharp rise, the prices of petrol and diesel remained unchanged on Tuesday. On Monday, the price of petrol was increased by 30-33 paise, whereas diesel was 25-31 paise costlier.
Global crude prices have firmed up recently over the news of the successful coronavirus vaccine. It has risen almost $10 a barrel in the last one month to reach closer to $50 a barrel now.
However, even at that level, it is far less than the average crude price of $80.08 a barrel in October 2018 when petrol prices reached highs of Rs 84 a litre in the national capital.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the OMCs lost their patience…
