OMCs have gone on a pause mode at a time when the news of successful coronavirus and expectations of big pick up in demand had kept crude on the boil with prices breaching $ 50 a barrel mark
The current price of petrol in Delhi is nearly 60 paise short of breaching the all- time high of Rs 84 per litre recorded in October 2018
The country is the world's third biggest oil importer and consumer.
This is the first revision in petrol prices since September 22. Diesel rates hadn't changed since October 2.
Diesel demand soared 7.4 per cent year-on-year to 6.5 million tonnes while petrol sales were up 4.5 per cent at 2.54 million tonnes.
Even as consumers continue to pay higher prices for petrol and diesel, country's OMCs are expected to reap in higher margins on sale of the two products substantially improving their profitability
Auto fuel diesel completed one full month without any revision in its retail prices across the country
Consumers can cheer as oil marketing companies (OMC) may actually bring down the retail prices of petrol and diesel in the coming week and provide relief to them ahead of Diwali
Diesel price remained unchanged across the four metro cities on Saturday after falling for two consecutive days.
The auto fuel seems to have switched sides over revision in rates with diesel prices now beginning to fall while petrol holding steady
Diesel price was cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre
In the international market, crude price has also remained firm with benchmark Brent crude hovering close to $46 a barrel
India's truckers are facing multiple headwinds that are crimping diesel consumption and overall oil demand
Petrol prices have been on the rise for the sixth consecutive day on Tuesday, while diesel held on to its price line that it has maintained since July 30
In Kolkata, petrol was sold for Rs 83.01, higher by 14 paise from its previous level of Rs 82.87 per litre
Petrol prices were raised by 16 paise in Delhi to Rs 81.35 a litre; in Mumbai, it stands at Rs 88.02 a litre
Petrol and diesel prices remained unchanged across metro cities on Sunday.
The decision was taken at the cabinet meeting chaired by chief minister Arvind Kejriwal.
Oil companies kept petrol and diesel prices unchanged on Thursday taking global cues where benchmark crude oil prices have remained static around $43 a barrel for the past few days now
Prices of petrol have remained static at Rs 80.43 per litre for almost four weeks. Petrol rates were last changed on June 29.