Petrol and diesel prices see third cut in a week
Petrol and diesel prices on Tuesday were cut for the third time within a week on the back of softening international oil prices. Petrol price was cut by 22 paise per liter and diesel by 23 paise per liter, according to a price notification of state-owned fuel retailers. Petrol now costs Rs. 90.56 per liter in Delhi and diesel Rs. 80.87 per liter.
A liter of petrol costs Rs. 96.98 in Mumbai
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT). In Mumbai, the petrol price was cut to Rs. 96.98 a liter on Tuesday from Rs. 97.19, while diesel rates were reduced to Rs. 87.96 from Rs. 88.20, the price notification showed. Fuel prices were first reduced in six months on March 24.
Petrol prices froze as the Suez Canal was blocked
The prices were reduced for the second time on March 25 after international oil prices fell on the prospect of speedy recovery in consumption getting clouded by the second wave of COVID-19 cases. Prices had remained on freeze thereafter as global rates edged up after one of the world's most vital waterways got clogged. The reopening of the Suez Canal cooled rates again.
Prices saw a record increase since March last year
In three reductions, petrol price has come down by 61 paise per liter and diesel by 60 paise per liter. 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.
