After oil marketing companies (OMCs) decided to keep the prices of auto fuels unchanged, since then, the prices in India were on a freeze for 19 consecutive days between April 25, 2018 and May 13, 2018.

Many media reports during this period stating that the government had directed the OMCs no to raise auto fuel prices ahead of Karnataka elections.

However, the Union Petroleum Minister Dharmendra Pradhan and the OMCs dismissed these reports.

But this 19-day period was the most prolonged period with no revision in auto fuel prices, since the adaption of the new dynamic pricing practice of revising fuel prices on a daily basis.

Day 20: May 14, 2018

Finally, the OMCs revised the auto fuel prices upwards. The retail selling price of petrol was increased by 23 paise per litre.

Since then, the OMCs kept on raising the fuel prices for 16 consecutive days till May 29, 2018.

In all, during this period of 16 days, the retail selling price of petrol was up by Rs 3.8 per litre. On an average, the retail price of petrol was increased by 31 paise per litre per day.

Day 36: May 30, 2018

Finally, after registering a continuous hike for 16-days, petrol and diesel prices saw a dip of just one paisa per litre.

Though, the OMCs continued to revise the auto fuel prices downwards.

Till Friday, it’s been ten continuous days of price cuts, but the rate at which the prices are decreasing is slower than the speed at which they went up.

In last ten days, there has been a total price cut of Rs 1.3 per litre in petrol price, which is only 1/3rd of the absolute increase in petrol price during 16 days of the price hike.

Also, the average price revision per day is too low at 13 paise per litre.

Day 45: June 8, 2018

The consumers are yet to recover what they have lost during the 16-day streak of rising auto fuel prices.

However, the OMCs might continue to cut auto fuel prices and the retail prices might come back to the same level it used to be before the price hike period.

But looking the rate at which the prices are getting revised, the consumers might have to wait a little longer.

First Published:Jun 8, 2018 8:09 PM IST