National

Hike in fuel prices hit pause for third day

NEW DELHI, JAN 30 (IANS) | Publish Date: 1/30/2021 12:18:15 PM IST

Pause on price hike of petrol and diesel continued on Saturday for the third day in a row. Across the country as well the fuel prices remained at Wednesday’s level. Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel, it is interesting to note that even though crude has been hovering just over $55 a barrel for some time now, OMCs have gone in for both a pause in price of auto fuels as well increase in its retail prices on consecutive days.

Informed sources said that oil companies may be building buffer on retail price of petrol and diesel to prevent any sharp price increase of government decided to further raise excise duty on the two products to mobilise addition al revenue. Crude price have remained firm for last few weeks in wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

Petrol and diesel prices have increased 10 times in January with both auto fuels increasing by Rs 2.59 and Rs 2.61 per litre respectively during the month.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

 

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