Petrol price on Sunday was hiked by 8 paise per litre and diesel by 19 paise, the third straight day of increase in rates as the firming worldwide oil rates broke a almost two-month-long hiatus in price revision. At a time when globally prices change by the hour, in India it could be kept static for such a long period. Concerns about oversupply remain as Libya's National Oil Corporation (NOC) said Libya's oil production has rapidly returned to previous rates as it reached 1.25 million barrels per day, according to Sriram Iyer, Senior Research Analyst at Reliance Securities.
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However, oil companies have kept fuel prices static even when there was a need to revise it downwards last month. Petrol and diesel prices are outrageously high in India as compared to other south-Asian countries including Afghanistan, Pakistan, Bhutan, Sri Lanka, Nepal, and Bangladesh - a fact that upsets Indians. Now that option is exhausted and regular price revision could restart.
State-owned fuel retailers started raising fuel prices from Friday.
The domestic price hike in auto fuel is on expected lines as global oil market has got a boost ever since pharma companies' have been reporting success in their experimental vaccines against Covid 19. Moreover, the demand for oil and falling inventory levels in major consuming markets has also firmed up crude price. This is to prevent OMCs from incurring losses on the sale of auto fuel. Brent crude futures rose 76 cents, or 1.7%, to settle at $44.96 a barrel, the benchmark gaining about 5% this week.