Amid the highest crude price during the fiscal, petrol prices which began their upward move since last Friday rallied sharply today. Today being Friday again.
On vaccine hopes and OPEC's resolution to keep supply in check there is anticipated that demand recovery will be seen faster for the commodity.
In the National Capital, petrol and diesel prices are quoting higher by 19 paise at Rs. 81.89 while in Mumbai quotes at Rs. 88, because of taxation structure there.
Diesel prices have gained rather sharply. Interestingly this is as the brent crude has now moved past $48 levels.
OMCs took a decision to raise prices or bring in the earlier daily price revision norm for auto fuel to prevent them from incurring losses, while they in a earlier stance maintained prices constant when they needed to bring them down in line with international prices.