Petrol, diesel rates fall again as crude prices soften

Petrol and diesel prices in the country have fallen again in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.

On Thursday, the pump price of petrol and diesel fell by 15 and 19 paisa per litre respectively in the national capital.

Accordingly, petrol is now being retailed at Rs 81.40 a litre and diesel at Rs 72.37 a litre in Delhi.

This is the third fall in petrol price and seventh reduction in diesel price this month. Prior to this month, while petrol price had risen, the diesel price remained steady or fell for a few days.

According to the Indian Oil Corporation website, petrol price has now reduced to Rs 81.40, Rs 82.92, Rs 88.07 and Rs 84.44 a litre in Delhi, Kolkata, Mumbai and Chennai respectively. Similarly the price of diesel in these metros in the same order stands at Rs 72.37, Rs 75.87, Rs 78.85 and Rs 77.73 per litre respectively.

The Thursday’s price cuts have been in the range of 13-15 paisa in the case of petrol and 18-20 paisa in the case of diesel.

The latest changes in the retail prices of auto fuel are in line with the global price movement of the product. In the international market, crude prices have also shed 15 per cent gain in the last few days reaching below $40 a barrel from the level of $45 a barrel and rising just in the previous month. It is currently hovering at around $41 a barrel.

The price of fuel may remain steady or fall in the coming days due to the current movement in the international oil prices.