BackOMCs keep petrol, diesel prices unchanged for sixth day
OMCs have kept the prices steady for nearly a week now after raising them by ₹10 per litre in a graded manner since the resumption of daily price revision on 22 March
PremiumNew Delhi: Oil marketing companies (OMC) kept retail fuel prices unchanged for the sixth day in a row on Tuesday.
In Delhi, petrol is priced at ₹105.41 per litre and diesel is sold for ₹96.67 a litre, with the last price hike of 80 paise on 6 April.
OMCs have kept the prices steady for nearly a week now after raising them by ₹10 per litre in a graded manner since the resumption of daily price revision on 22 March.
Volatility, however, continued in the global oil market as crude oil futures rose around 2% during the early trade after a 4% fall on Monday.
At 10.55 am, the June contract of Brent futures on the Intercontinental Exchange was at $100.09, higher by 1.63% from its previous close. The May contract of West Texas Intermediate (WTI) on the NYMEX rose 1.81% to $96 per barrel.
Analysts said that the increase in prices comes on the back of the continuing Russia-Ukraine conflict.
Ravindra Rao, Head, Commodity Research at Kotak Securities said: “NYMEX crude trades about 2% higher near $96/bbl after a sharp 4% decline yesterday. Crude slumped to late February lows weighed down by firmness in US dollar, weaker equities, virus concerns in China and plans to release emergency stocks to offset Russian supply disruption."
“However, worsening Russia-Ukraine situation and OPEC’s stance to raise output gradually are supporting the prices. Crude may set fresh lows indicating weaker sentiment, however, we may see some relief gains as focus shifts to inventory report," Rao added.
The recent decline in global oil prices, has also pulled the price of the Indian basket lower. The Indian basket of crude comprising Oman, Dubai and Brent crude, was last recorded at $97.82 per barrel on April 11.
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