Oil companies halt auto fuel price rise as crude firm but static

Petrol prices march towards all time high levels has been temporarily halted by the oil marketing companies (OMCs) as they chose to keep the retail rates of petrol and diesel static for sixth consecutive day even though global oil prices remained firm with crude close to $50 a barrel.

Accordingly, there was no change in retail price of auto fuels on Sunday with price of petrol remaining at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi. Across the country as well the price of the two petroleum products remained unchanged.

OMCs have gone on a pause mode at a time when news of successful coronavirus and expectations of big pick up in demand had kept crude on the boil with prices breaching $50 a barrel mark.