Fuel prices stable in India as global oil gains on strong economic data

Fuel prices in the country remained unchanged on Wednesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices unchanged for seven consecutive day.

Accordingly, the pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.

Petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last week on Tuesday in the wake of the global softening of oil prices. OMCs have decided to pause price revision as they want to watch the crude price movement that has now fallen to around $62.5 a barrel from remaining above this level in much of the last week.

Across the country as well the petrol and diesel prices remained static but its retail levels varied depending on the level of local levies on respective states. In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.

Meanwhile, Strong economic data from China and the United States helped lift oil prices by more than 1% on Tuesday, recouping some of the previous session's losses. Brent gained 83 cents, or 1.3%, to $62.98 a barrel by 1:19 p.m. EDT (1719 GMT). U.S. West Texas Intermediate (WTI) crude rose 91 cents, or 1.6%, to $59.56 a barrel.

Prices were buoyed as March data showed U.S. services activity touched a record high. China's service sector has also gathered steam with the sharpest increase in sales in three months.

In addition, England is set to ease more coronavirus restrictions on April 12, allowing businesses including all shops, gyms, hair salons and outdoor hospitality venues to reopen.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed last week to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.