Despite crude on rebound, sharp cuts in fuel prices in India

Despite crude on rebound, sharp cuts in fuel prices in India

New Delhi, September 18, 2020

Petrol and prices in the country have fallen sharply again even though global oil prices rebounded and rose over $43 a barrel, marking its fifth consecutive day of rise.

On Friday, the pump prices of petrol and diesel fell by 26 and 35 paise per litre, respectively, in the national capital, making it one of the sharpest daily falls in the last five months.

Accordingly, petrol is now at Rs 81.14 a litre and diesel at Rs 72.02 a litre in Delhi.

In the last two days of price cuts, petrol has become cheaper by 41 paise per litre while diesel prices dropped by 54 paise per litre.

This is the fourth fall in petrol prices and the eighth reduction in diesel prices this month. Prior to this month, while petrol prices had risen, diesel prices remained steady or fell on a few days.

According to Indian Oil Corporation website, petrol prices have now reduced to Rs 81.14, Rs 82.67, Rs 87.82 and Rs 84.21 a litre in Delhi, Kolkata, Mumbai and Chennai, respectively. Similarly the price of diesel in these metros in the same order stands at Rs 72.02, Rs 75.52, Rs 78.48 and Rs 77.40 per litre, respectively.

Friday's price cuts have been in the range of 23-26 paisa in the case of petrol and 33-37 paise in the case of diesel.

The latest changes in retail prices of auto fuel are in line with the global price movement of the product in the preceding weeks when prices had softened. But crude prices have risen in the last five days with benchmark Brent crude hovering over $43 a barrel for November delivery on Inter Continental Exchange. Even US crude WTI has shot up over the $41-a-barrel mark.

IANS

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