Petrol and diesel prices cut for the second straight day
What's the story
Petrol and diesel prices were on Thursday cut for the second straight day as international oil prices fell on prospects of a speedy recovery in consumption getting clouded by the second wave of COVID-19 cases. Petrol price was cut by 21 paise per liter and diesel by 20 paise, according to a price notification of state-owned fuel retailers.
Information
Delhi: Petrol costs Rs. 90.78 per liter; diesel Rs. 81.10
Petrol now costs Rs. 90.78 per liter in Delhi and a liter of diesel comes for Rs. 81.10. Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Fuel price
Prices had registered record increase despite bouts of rate freeze
Prices were reduced by 18 paise a liter on petrol and 17 paise on diesel in the first reduction in six months on Wednesday. Despite bouts of rate freeze, prices had gone up by a record Rs. 21.58 per liter on petrol since the government raised excise duty in March last year. Diesel prices had increased by Rs. 19.18 a liter.
Prices
Prices are on freeze in some places since February end
Prices, which last month hit record highs including crossing Rs. 100 mark in some places in Rajasthan, Maharashtra, and Madhya Pradesh, had been on freeze since February end when elections to five states including West Bengal, Assam, Tamil Nadu, and Kerala were announced. Meanwhile, in Mumbai, the petrol price was cut to Rs. 97.19 a liter on Thursday from Rs. 97.40, the notification showed.
Price reduction
International oil prices have tumbled to lowest since early February
On the other hand, diesel rates were also reduced in Mumbai to Rs. 88.20 from Rs. 88.42, the price notification showed. The rate reduction followed the international oil prices tumbling to the lowest since early February as the second wave of COVID-19 infection clouded the prospects for a speedy recovery in consumption.