STATE TIMES NEWS
New Delhi: A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin squeeze, sources said.Petrol and diesel prices have remained unchanged for 12 days but now the international rate surge is exerting pressure.Current prices of petrol and diesel in the international market are higher by around USD 4-6 per barrel as compared to average prices during August. However, no increase in retail prices has been affected by oil companies so far, sources said.In case international prices remain at this level, oil marketing companies (OMCs) will have to increase retail prices of petrol and diesel, they said. Retail prices of petrol and diesel were last increased on July 17 and July 15 respectively.Petrol in Delhi currently costs Rs 101.19 a litre and diesel is priced at Rs 88.62 per litre. Average international crude oil prices had fallen by more than USD 3 per barrel in August as compared to the previous month. This came against the backdrop of mixed economic data from the US and China and mobility restrictions in Asia fuelled by the fast-spreading Delta variant. Accordingly, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 a litre and Rs 1.25 per litre by oil marketing companies from July 18 onwards. The last downward revision was on September 5.However, with the latest developments in the international market, crude oil prices have started to surge consistently since the last week of August.
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