New Delhi, July 21 (IANS): Consumers who bear the brunt of the fuel price hike for more than two months can expect some relief over the next few days as petroleum marketing companies (OMCs) have begun to assess falling prices. global oil prices and its impact on fuel prices in the country. .
Benchmark Brent, which had risen to $ 77 per barrel at the end of last month, has fallen more than 10% in the past fortnight to reach a level of $ 68.85 per barrel now. If the price line stays below $ 70 a barrel for a few more days, gasoline and diesel prices could drop in the coming days.
Already, the impact of the easing of prices on the oil market is being felt in the movement of fuel prices in the country. The WTO on Wednesday kept retail gasoline and diesel prices unchanged. This is the fourth day in a row, the longest period in weeks that fuel prices have remained stable.
With the Wednesday break, gasoline continues to be sold at Rs 101.84 per liter, while diesel is also sold at the unchanged price of Rs 89.87 per liter.
The price at the fuel pump has been stable since Sunday. It rose on Saturday as gasoline was revised upwards by 30 paise per liter while the price of diesel remained unchanged.
In the city of Mumbai, where the price of gasoline first crossed the 100 rupee mark on May 29, the price of fuel is 107.83 rupees per liter. The price of diesel in the city is also at Rs 97.45, the highest among the subways.
Gasoline prices in all subways have now crossed the Rs 100 per liter mark. But they’ve been static for the past four days.
As part of the daily price review, the WTO reviews gasoline and diesel prices each morning, comparing retail fuel prices to a 15-day moving average of world refined product prices and the rate of dollar exchange. Once this 15-day cycle returns, gasoline and diesel prices could drop.