October 21, 2021

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Petrol and Diesel price falls down with a relief to the consumers

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.

Report by Chetali S M
Reported on – 15/04/2021

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