The fuel prices in India have been consistently increasing in the past few months. However, it is expected that the drop in the oil prices may come in the next few days as Oil marketing companies (OMC) have begun evaluating the fall in global oil prices.
The benchmark Brent crude that had risen to $77 a barrel late last month has shaken off over 10 per cent in the last fortnight and reached $68.85 a barrel now. If the price line remains below $70 a barrel for the next certain days, the prices of diesel and petrol could see a drop.
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On Wednesday, the OMCs kept the retail fuel prices unchanged. This is the fourth consecutive day when the petrol and diesel prices remained steady.
Now, petrol continues to sell for Rs 101.84 per litre, whereas diesel is sold at the unchanged price of Rs 89.87 a litre.
In Mumbai, the petrol price crossed the Rs 100-mark for the first time on May 29. Now, the fuel price is at Rs 107.83 per litre and diesel is also at Rs 97.45, the highest among metros. Under daily price revision, Oil Marketing Companies revise diesel and petrol prices every morning.