Petrol, diesel prices finally cut after 15 days pause

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SME Times News Bureau | 15 Apr, 2021
Fuel prices in the country finally fell on Thursday with oil marketing companies deciding to pass the benefit of softer global oil prices earlier this month to the consumers.

Accordingly, pump prices of petrol and diesel fell by 16 paisa and 14 paisa per litre respectively on Thursday.

With this, petrol is now being retailed at Rs 90.40 a litre in Delhi, down from previous day's level of Rs 90.56 a litre. Similarly, diesel is now priced at Rs 80.73 a litre in the national capital from earlier level of Rs 80.87 a litre.

With crude remaining below $65 a barrel, for most part of the last fortnight along with softer product prices, the oil companies decided to break their pause and passed on the benefit to the consumers. The OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.

However, the global crude has again gained and crossed $66 a barrel mark. If this holds for a few days, fuel prices may have to be revised upwards.

Before the long drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last on March 30.

Across the country as well the petrol and diesel prices fell on Thursday but its retail levels varied depending on the level of local levies in respective states.

Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.

The OMCs went on price cut for the first time this year on two consecutive days - March 24 and March 25 after keeping oil prices steady for 24 days. It again reduced the price on March 30. Thereafter, fuel prices remained unchanged for the past 15 days before falling again on April 15.

Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.