Petrol, diesel prices cut again as global oil rates soften
New Delhi, August 24, 2021
A day after keeping petrol and diesel prices unchanged, the oil marketing companies (OMC) on Tuesday reduced fuel prices further in line with the downward movement of global oil and product prices.
Accordingly, the pump price of petrol and diesel was cut 15 paise per litre to Rs 101.49 a litre and Rs 88.92 a litre, respectively, in Delhi.
Across the country as well, fuel prices were cut between 10-20 paise per litre but its retail rate varied depending on the level of local taxes in states.
Petrol prices in Mumbai and Kolkata, are now at Rs 107.53 and Rs 101.82 per litre, respectively, while in Chennai, petrol is priced at Rs 99.20. In the Tamil Nadu capital, petrol price fell by almost Rs 3 per litre on August 14 after the state government cut VAT on the fuel.
Similarly, diesel prices in Mumbai, Chennai and Kolkata are now at Rs 96.48, Rs 93.52 and Rs 91.98 per litre, respectively.
This cut in fuel prices has come amid declining global crude oil prices. The October contract of Brent crude oil on the Intercontinental Exchange (ICE) was trading at $65.18.
The pump prices of auto fuels have been static since July 18.
The long price pause for auto fuels came after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 8.74 per litre in the national capital.