After two days of spike, Petrol, diesel prices remain unchanged

New Delhi, Feb 6 : Petrol and diesel price rise went on the pause mode on Saturday after two consecutive days of sharp increase where pump price of the auto fuels rose by 65 paise per litre.
The pause came on a day when global crude prices rose by close to 1 per cent to reach this years’ high level of $60 a barrel.
Petrol, diesel and other oil product prices in India are determined on the basis of petroleum product price in the global markets and not crude price. But movement in benchmark crude has a bearing on pricing across the product categories.
With price on the pause on Saturday, the retail price of diesel remained at Rs 77.13 a litre in Delhi while petrol prices remained at new high level of Rs 86.95 a litre in the capital. The retail price of the two products had risen on February 4 and 5, increasing the prices by 65 paise per litre.
Across the country as well, the fuel prices remained at Friday’s level.
Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel in past days, it is interesting to note that even though crude has been hovering just over $55 a barrel for a long time, OMCs had gone in for both a pause in price of auto fuels as well increase in its retail prices on consecutive days.