Fuel prices paused after rising in the 22 days of the past 24 days as oil marketing companies (OMC) kept the prices of pumping gasoline and diesel unchanged on Tuesday 30 June.
In the national capital, the price of gasoline on Tuesday was Rs 80.43 rs per liter and diesel at Rs 80.53 a liter, the same level it was on Monday when OMC raised the price of fuel by five and 14 parts respectively.
Sources in the public sector oil companies said that consumers may get an exemption from the regular price hikes of oil producers in the coming days, as the stopping period could be repeated on Tuesday in several days to come due to the decline in global oil prices.
The companies also covered most of the emerging deficit when gasoline and diesel prices remained for 82 consecutive days (March 14 to June 6) unchanged while the government significantly increased product taxes.
As of June 7, gasoline has risen by Rs. 9.17 and diesel by Rs. 11.14 in the national capital. In other cities, the size of the increase was similar. During the past six to seven days, the daily increment has decreased from 60 piasters per liter to less than 20 piasters per liter. With global oil prices remaining around $ 40 a barrel, any drop in oil prices now could fuel consumers actually benefit from lower gasoline and diesel prices.
The price of diesel has risen above the price of gasoline
In a historical development, the price of diesel rose above the price of gasoline in the national capital during this period. It is still higher even though the higher price of gasoline was higher than diesel on Saturday.
Officials in the oil marketing companies said that it is difficult to predict what kind of fuel will be priced higher in the national capital, as the gap between the two is almost insignificant. But gasoline prices have shown greater volatility in international markets that may take them forward again in the coming days.
Aside from Delhi, retail prices for gasoline and diesel have followed the traditional path in other metros where gasoline is priced at a premium of five to eight rupees per liter. The difference between car fuel prices in Delhi and other subways due to the tax structure.
While gasoline and diesel are both at similar levels of tax (state and center) in Delhi, they are higher for gasoline in many other Indian cities.
Globally, the price of diesel is a little higher than gasoline. In India, too, the base price of diesel is slightly higher than gasoline, but taxes at the central and state levels have changed retail prices.