Mumbai: Diesel prices hiked for second consecutive day this week

Diesel prices were hiked for the second time this week The retail price in Mumbai now stands at Rs 9668 after a 27paise hike on Sunday However the petrol price is stable at Rs 10726 per litreIn Thane and Navi Mumbai the price of diesel has risen to Rs 9681 per litreAuto fuel prices in the country have maintained stability amidst a volatility in global oil prices but the oil marketing companies OMC on Monday increased the pump price of diesel once again while maintaining stability in petrol ratesAccordingly diesel prices increased by 25 paisa per litre in the national capital to Rs 8932 per litre on Monday while petrol prices remained unchanged for the 22nd consecutive day according to Indian Oil Corporation the countrys largest fuel retailerDiesel prices have now increased for second consecutive day and three times in last four days taking up its retail price by 70 paisa per litre It was raised on September 24 by 20 paisa per litre and again on Sunday by 25 paisa per litreOMCs have preferred to maintain their watch prices on global oil situation before making any revision in prices This is the reason why Petrol prices have not been touched for last three weeksThe wait and watch plan of the OMCs has come to the relief of consumers as no revision has come during a period when crude price were on the rise over shortfall in US production and inventories and a prick up in demand This would have necessitated about Re 1 increase in price of petrol and dieselAcross the country as well petrol prices remained static on Monday while diesel rates increased marginallyFuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year It fell on few occasions but largely remained stableOn Monday global benchmark Brent crude rose over 79 a barrel Oil rates are up 2 percent for the week and this is the fifth weekly gainSince September 5 when both petrol and diesel prices were revised the price of petrol and diesel in the international market has been higher by around 67 per barrel as compared to average prices during AugustUnder the pricing formula adopted by oil companies rates of petrol and diesel are to be reviewed and revised by them on a daily basis The new prices becomes effective from morning at 6 amThe daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15days and foreign exchange ratesBut the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuelThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever