New Delhi: The petrol and diesel prices were witnessed yet another rise on Tuesday. The price of petrol increased by 27 paise per litre to Rs 92.85 a litre in Delhi while diesel price increased a tad higher by 29 paise to Rs 83.51 a litre.
The petrol and diesel prices increased between 25-30 paise per litre on Tuesday, across the country but actual retail prices varied depending on the level of local levies in the respective states.
For the past few days, OMCs were adhering to for practice of changing petrol and fuel rates every alternate day rather than undertaking changes on a daily basis. Hence, Tuesday's price hike came after there was no change on Monday.
"It seems oil companies are giving a sense of relief to consumers as fuel prices are not being raised on a daily basis. But still, prices are not actually falling but being raised on every alternate day too this month," said an oil sector expert not willing to be named, as reported by IANS.
Under daily price revision, OMCs revised petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.
In a market where fuel prices need to be increased successively, alternate day price revision seems to be the better way.
However, with global crude prices at around the $69 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.