Accordingly, petrol price in Delhi stayed at Rs 81.59 a litre while diesel prices continued to stay at Rs 71.41 a litre.

 

In other metros and cities too the pump prices of the two petroleum products remained unchanged from Tuesday's level.

 

Petrol and diesel prices have been rising since Friday after a nearly two-month-long hiatus in fuel price revision. In five days, petrol price has gone up by 53 paise and diesel rates have risen by 95 paise per litre.

 

Petrol prices had been static since September 22, and diesel rates hadn't changed since October 2.

 

Though the retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in the international oil markets from impacting fuel prices regularly during the pandemic.

 

But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the patience was lost by OMCs who finally resorted to price increase to cover for their under recovery on the sale of two petroleum products.

 

The benchmark Brent crude has crossed $48 a barrel on the Intercontinental Exchange (ICE). It has remained over $43 a barrel for most part of November.

 

The OMCs need almost 40 paise per litre increase in the retail price of petrol and diesel to cover for $1 increase in crude. Going by this yardstick, product prices would have to be increased by up to Rs 2 per litre to cover under recovery on its sale.