March 22, 2021
2 mins read

Fuel prices remain steady for 3 weeks

Crude has now slipped 6 per cent in the last six days and is now sitting a tab lower around $ 64.5 a barrel on the back of rising US inventory…reports Asian Lite News.

Just like the farmers’ protest, protests against the continuous fuel price hike are there in every parts of the nation. But surprisingly, fuel prices in the country have remained steady for over three weeks now as softening crude and Assembly elections in four states and one union territory has kept Oilcans from revising the retail prices.

Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital on Monday. Fuel prices have not been revised now for 23 days.

Across the country as well the petrol and diesel price remained unchanged. But the pause has not helped in bringing down fuel prices that have crossed Rs 100 per litre (petrol) mark in several parts of the country.

Earlier, Minister of state for Finance Anurag Thakur said in Parliament that states and Centre should look at taxes on petroleum products to see if relief can be provided to consumers.

Indian Youth Congress (IYC) activists during the protest against the hike in fuel prices in New Delhi on India, 19 March, 2021. (Pallav Paliwal)

Since the beginning of February crude has gained more than $7 per barrel that pushed OMCs to increase fuel prices on 14 occasions raising the prices by Rs 4.22 per litre for petrol and by Rs 4.34 a litre for diesel in Delhi.

Crude has now slipped 6 per cent in the last six days and is now sitting a tab lower around $ 64.5 a barrel on the back of rising US inventory.

The petrol and diesel prices have 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.

The officials in public sector oil companies said that retail price may rise again once daily revision starts post voting in various state elections. The crude is expected to move up further on demand rise and continued production cut by OPEC+ in April.

https://www.youtube.com/watch?v=VvNFHwPCpRQ

Oilcos are already making losses of Rs 2 and Rs 4 per litre on current retail prices of petrol and diesel respectively. Sources said that to cover this, the fuel prices may remain unchanged even if there is a need to cut retail rates on softening of global product prices.

Also Read-Fuel Price Upward Run Stops Short of Breaking Record

Read More-‘No increase in petrol, diesel prices’

Previous Story

US Defence Secy visits Ghani

Next Story

EU sanctions China over Uighur abuses

Latest from India News

Border Sealed, Hopes on Hold

A Hindu family from Balochistan’s Sibi was reportedly denied entry into India after the closure of border crossing….reports Asian Lite News Pakistan and India’s decision to shut down the Wagah-Attari border crossing

India Praises UAE’s Global AI Benchmark 

Kaustubh Dhavse, Maharashtra CM’s OSD, hailed the UAE’s AI model as a global benchmark driving digital innovation and attracting global talent…reports Asia Lite News Kaustubh Dhavse, Joint Secretary and Officer on Special

India, Saudi Hold Inaugural Army Staff Talks 

A key highlight of the talks was the exploration of collaboration in operational logistics, battlefield management systems, and niche technologies.  The inaugural Army-to-Army Staff Talks (AAST) between the Indian Army and the

Wagah Busy with Exiting Visitors

After the sudden developments, at the Attari-Wagah Border, the stream of Pakistani tourists was observed seeking urgent clarity and assistance….reports Asian Lite News Following the horrific terrorist attack in Jammu and Kashmir’s
Go toTop

Don't Miss

Bank of England makes historic rate hike

The BoE said the economy had shrunk since the third

PSU non-life insurers not to hike staff health insurance premium

The companies in question are National Insurance Company, New India