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Fuel price cut relief may come soon as global oil softens
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SME Times News Bureau | 21 Jul, 2021
Consumer's bearing the brunt of rising fuel prices for more than a
couple of months may expect some relief over the next few days as Oil
marketing companies (OMC) have begun evaluating the fall in global oil
prices and its resultant impact on fuel prices in the country.
The
benchmark Brent crude that had risen to $77 a barrel late last month
has shed more than 10 per cent in the last fortnight to reach a level of
$68.85 a barrel now. If the price line remains below $70 a barrel for a
few more days, petrol and diesel prices could see a cut in the coming
days.
Already the impact of softening of prices in the oil market
is being seen in the fuel price movement in the country. On Wednesday,
the OMCs kept the retail price of petrol and diesel unchanged. This is
the fourth consecutive day, the longest period in weeks, when fuel
prices have remained steady.
With Wednesday's pause, petrol
continues to be sold for Rs 101.84 per litre, while diesel is also being
sold at the unchanged price of Rs 89.87 a litre.
The pump price
of fuel has been static since Sunday. It rose on Saturday with petrol
being revised upwards by 30 paise per litre while diesel price remained
unchanged.
In the city of Mumbai, where petrol price crossed the
Rs 100-mark for the first time ever on May 29, the fuel price is at Rs
107.83 per litre. Diesel price in the city is also at Rs 97.45, the
highest among metros.
Petrol price in all metros have now crossed Rs 100 per litre-mark. But they have remained static the past four days.
Under
daily price revision, OMCs revise petrol and diesel prices every
morning, benchmarking retail fuel prices to a 15-day rolling average of
global refined products' prices and dollar exchange rate. Once this 15
day cycle returns, petrol and diesel prices may fall.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
91.00
|
87.90 |
Japanese
Yen |
54.30 |
52.70 |
As on 16 Aug, 2024 |
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