Oil prices climbed towards their highest levels in more than seven years on Monday on fears that a possible invasion of Ukraine by Russia could trigger sanctions (on the latter) from US and Europe
The two major OMCs were exhibiting a mixed trend on the charts, with HPCL reflecting positivity, while BPCL struggling to hold ground.
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In the national capital, petrol was sold for Rs 101.19 per litre on Saturday.
Oil marketing companies reduced petrol prices in the key metro cities after keeping them unchanged for three consecutive days.
Fuel consumers have finally been given some relief with oil marketing companies on Wednesday reducing the pump price of petrol and diesel after keeping it static for the past seven days
Even with crude bouncing back over $73 a barrel, the Oil marketing companies have spared consumers any further hike in petrol and diesel prices
Setting of retail prices, frequency with which they change and government increasing taxes when global prices are low all put a question mark on so-called market-linked pricing mechanism
After a longer break, the oil marketing companies have kept the retail prices of petrol and diesel unchanged for the second consecutive day on Thursday.
In Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached a new high of Rs 103.63 per litre on Tuesday
Fuel price rise in the country continued on Monday with oil marketing companies (OMCs) increasing the the pump rate of both petrol and diesel for the second consecutive day
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Under the new found preference for revising fuel prices every alternate day, the Oil and marketing companies (OMCs) raised the pump prices of petrol and diesel yet again on Tuesday
Fuel prices in the country remained unchanged on Monday as oil marketing companies decided to wait and watch the situation prevailing in the global oil markets for some more time
Fuel prices in the country have remained steady for three weeks now as softening crude and upcoming assembly elections in a few states have kept Oil companies from revising the retail prices
In Mumbai, petrol price stood at Rs 97.57 per litre--the same since Feb 27
Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates
Yesterday, a report said that the finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record-high domestic prices, quoting three government officials